Profit & Loss Statement | ||
Particulars | GBP | |
Sales | 725000 | =737000-12000 |
-Opening Stock | -75000 | |
-Purchases | -301000 | |
-Manufacturing Expenses | -240000 | |
-Selling & Marketing Exp. | -28000 | |
-Administrative Exp. | -57000 | =51000+(15000*40%) |
-Depreciation on Factory Building | -9000 | =15000*60% |
-Depreciation on Machines | -28950 | =193000*15% |
-Bad Debts | -15000 | =10000+5000 |
-Income Tax | -25000 | |
Net Income (Loss) | -53950 |
Balance Sheet | ||
Particulars | GBP | |
Assets | ||
Non-Current Assets: | ||
Factory Building | 200000 | |
-Accumulated Dep. | -65000 | =50000+(150000*10%) |
Net Factory Building | 135000 | |
Machines | 277000 | =280000-3000 |
-Accumulated Dep. | -115950 | =87000+(193000*15%) |
Net Machines | 161050 | |
Current Assets: | ||
Advance Income Tax | 4000 | |
Debtors | 102000 | =117000-10000-5000 |
Cash & Bank | 51000 | |
Receivable for machine sold | 3000 | |
Total Assets | 456050 | |
Equity & Liabilities | ||
Equity: | ||
Share Capital | 300000 | |
Retained Earnings | 36050 | =90000-53950 |
Liabilities: | ||
Creditors | 83000 | |
Income Tax Payable | 25000 | |
Advance received | 12000 | |
Total Equity & Liabilities | 456050 |
Assume that you are working as an Accounts Officer for 1 year and now at the...
The following information is taken from the accounts of Registration Ltd for the year ended 30 June 2019. $ Accounts receivable, 1 July 2018 75 000 Accounts receivable, 30 June 2019 67 000 Allowance for doubtful debts, 1 July 2018 20 000 Allowance for doubtful debts, 30 June 2019 6000 Credit sales 290 000 Cash sales 210 000 Bad debts expense 18 000 What was the value of debts written off as irrecoverable during the year? Select one: a. $6...
QUESTION IS TO FIND CURRENT YEAR BAL SHEET Joy & Co. You are given the balance sheet of Joy & Co. on April 1, 2015 and its receipts and payments for the year 2014-15: Balance Sheet As on April 1, 2015 Receipts and Payments For the Year 2014-15 Receipts: Additional Information: From Sales and Debtors 11,32,000 Balance on Mach 31, 20XX: Commission 12,000 Sundry Debtors: 2, 80,000 TOTAL 11,44,000 Sundry Creditors: 1, 22,000 Inventory Payments: 6,30,000 Operating Expenses paid in...
The information provided below was taken from the books of Uli Enterprise for the financial year ended 31 May 2018. Extract of the statement of comprehensive income for the year ended 31 May 2018 $ Sales 480 000 Cost of sales 240 000 Rent income 12 000 Advertising 4 800 Salaries and wages 72 000 Rates and taxes 1 200 Other operating expenses 96 000 Additional information: 1. All inventories are priced at cost plus 25%. 2. Sales are divided...
QUESTION 1 Red Velvet Berhad, a public company, closes its accounts on 30 June every yw The company reported the following unadjusted trial balance on 30 June 2017 Credit RM Debit RM 1.100.000 1,300,000 364,000 700,000 400,000 300,000 125,000 300,000 167,400 120,500 4,800 30,000 438,600 Freehold land Building at cost Accumulated depreciation-building Plant and machinery at cost Accumulated depreciation Plant and machinery Patent Accumulated amortisation-patent Long-term investment Inventory Trade receivables Allowance for doubtful account Prepaid insurance Cash and cash equivalents...
QUESTION 1 You are given the following infomation for Ruyi Soccer Club for 30 June 2018 Accumulated fund Membership fees received Membership fees in arrears (1 July 2017) Membership fees received in advance (1 July 2017 5 000 6 300 1 800 1 350 Additional information (1) On 30 June 2018, five members paid their membership fees of R450 in advance One membership fee was in arrears on 30 June 2018 During the course of the year, five new members...
Garnet Berhad, a public company, closes its accounts on 30 June every year. The company reported the following unadjusted trial balance on 30 June 2017: Credit RM Debit RM 1,100,000 1,300,000 364,000 700,000 400,000 300,000 125,000 300,000 167,400 120,500 4,800 30,000 438,600 Freehold land Building at cost Accumulated depreciation-building Plant and machinery at cost Accumulated depreciation- Plant and machinery Patent Accumulated amortisation-patent Long-term investment Inventory Trade receivables Allowance for doubtful account Prepaid insurance Cash and cash equivalents Loan from bank...
The following analysis of the cash transactions for the year was gathered from the incomplete records of N. Carroll, a merchant: Receipts: Received from Sundry debtors Additional investment of capital 300 000 45 000 Payments: Payments to Sundry creditors General expenses Wages Drawings 185 000 50 000 77 500 95 000 1 Jan. 31 Dec. Balances: Bank overdraft Debtors Creditors Stock Plant and machinery Furniture and fittings. 37 000 265 000 75 000 85 000 100 000 7 000 440...
The following information is taken from the accounts of Registration Ltd for the year ended 30 June 2019. Question 9 Not yet answered Marked out of 1.00 Flag question Accounts receivable, 1 July 2018 75 000 Accounts receivable, 30 June 2019 67 000 Allowance for doubtful debts, 1 July 2018 20 000 Allowance for doubtful debts, 30 June 2019 6000 Credit sales 290 000 Cash sales 210 000 Bad debts expense 18 000 What was the value of debts written...
Question 1 Extractive Industries (18 marks) ABC Mining company paid $5.6 million for a mining property on 1 July 2016 after the geologists of the exploration company estimated that a gold deposit found on the property would produce 42 000 ounces of gold. In each of the years 2016-2017 and 2017-2018, ABC spent $225 000 per annum developing the property and, during 2017-2018, the company purchased and installed the following assets: Estimated useful life Asset Cost Mine building $500 000...
endatan Auto Sale Of A Create Tal Financial Reports Protected View • Ex... File Home insert Page Layout Formulas Data Review View Help PROTECTED VIEW Be carefules from the Internet can contain viruses. Unless you need to edit 's safer to stay in Protected View Enable Editing CREATIVE LIMITED Assume that you are working a Chief Financial Officer (CFO) for Creative Limited The CEO of creative limited called a meeting with you and discussed the financial standings of the company....