Answered You can hire a professional tutor to get the answer.
Purchase of motorcyclesKelebogile Ltd, a motorcycle retailer which operates in Johannesburg, ordered 40 new top-ofthe-rangemotorcycles form China on...
Purchase of motorcyclesKelebogile Ltd, a motorcycle retailer which operates in Johannesburg, ordered 40 new top-ofthe-rangemotorcycles form China on 1 November 2013.The motorcycles were received in Durban on 1 January 2014. The invoice price of themotorcycles was R50 000 each (before a trade discount of 20%) and is payable on28 February 2015.The following cash costs regarding the purchase were:RFreight and insurance 70 000Customs duty 170 000Cartage to Johannesburg 100 000Sale of motorcycles1. During the year ended 31 December 2014, 50% of the motorcycles were sold on creditby a salesman at R100 000 each. Sales commission of 5% was paid to the salesman.2. On 1 January 2014 two motorcycles were withdrawn from inventory and brought into useby Kelebogile Ltd in the ordinary course of the business. The two motorcycles aredepreciated at 20% per annum on a straight line basis.Additional informationInventory is valued at the lower of cost and net realisable value on a first-in-first-out basis.REQUIRED:a) Prepare the “asset” section of the statement of financial position as well as thestatement of profit or loss and other comprehensive income of Kelebogile Ltd as at31 December 2014 in accord
Profit and Loss and Other Comprehensive IncomeSalesless COGSPurchasesAdd Freight and InsuranceAdd Custom DutyCartageCost of Goods Purchasedless Ending Inventory18*48500Cost of Goods Sold...