ZuoTi.Pro
Question

STATEMENT OF FINANCIAL POSITION AS AT END OF YEAR 1 £000 £000 Non current assets Equipment NBV 6.25 Current assets Inventory

TechKnow has just completed their second year of business. It was a fairly eventful second year for the new business with var

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
STATEMENT OF FINANCIAL POSITION AS AT BEGINNING OF YEAR 2
000'S 000'S
Non current assets:
Equipment NBV 8
Current Assets
Inventory 6.25
Receivables 22
Cash 20.1 48.35
Total assets 56.35
Non current liabilities
Bank loan 24
Current liabilities
Payable-Inventory 8
Payable-admin 1.5 9.5
Equity
Capital 18
Reserves 4.85 22.85
Net Assets (Assets-Liabilities) 22.85
Particulars Debit Credit
1. Payable- Inventory 8
Payable- Admin 1.5
Cash 9.5
2. Cash 22
Receivables 22
3. Cash 900
Equipment 800
Profit on sale of equipment 100
4. Rent deposit 45000
Cash 45000
5. Vans or vehicles 16000
Cash 16000
At the Year end 2
Depreciation 3200
Vans or vehicles 3200
At the Year end 3
Depreciation 2560 The useful life of the asset is 5 years it means 20% p.a.
Vans or vehicles 2560 (C46-C51)*0.2
At the Year end 4
Depreciation 2048 (B45-B50-B54)*0.2
Vans or vehicles 2048
At the Year end 5
Depreciation 1638.4 (B45-B50-B54-B58)*0.2
Vans or vehicles 1638.4
At the Year end 6
Depreciation 1310.72 (B45-B50-B54-B58-B62)*0.2
Vans or vehicles 1310.72
6000
6. for purchase of 750 gadgets
Purchases/Inventory 6000
Accounts Payable 6000
Purchase of 850 gadgets in June
Purchases/Inventory 5950
Accounts Payable 5950
Purchase of 1500 gadgets in June
Purchases/Inventory 7500
Accounts Payable 7500
Tota amount to be paid to suppliers 19450
Less: BY the end of the year clsoing balance 10000
Cash paid to suppliers 9450
Journal entry for cash payment to suppliers
Notes payable 9450
Cash 9450
0 0
Add a comment
Know the answer?
Add Answer to:
STATEMENT OF FINANCIAL POSITION AS AT END OF YEAR 1 £000 £000 Non current assets Equipment...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Example1 Blair Limited -Statement of Financial Position as at 31 December 2008 2008 2007 ASSETS Non-current...

    Example1 Blair Limited -Statement of Financial Position as at 31 December 2008 2008 2007 ASSETS Non-current assets Current assets Inventories Receivables Cash 545,000 410,000 90,000 83,000 45,000 81,000 75,000 64,000 218,000 763,000 220,000 630,000 EQUITY AND LIABILITIES Capital and reserves: $1 ordinary shares Share Premium Account Accumulated profits 150,000 20,000 476,000 646,000 100,000 431,000 531,000 Current liabilities: Trade payables Corporation tax payable 97,000 20,000 69,000 30,000 117,000 763,000 99,000 630,000 Statement of Profit or Loss for the year ended 31...

  • The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...

    The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December 31: Ivanhoe Ltd. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 16,000 $ 38,000 Term deposits (maturing in 60 days) 0 46,000 Accounts receivable 77,000 40,000 Inventory 104,000 68,000 Land 187,000 234,000 Buildings 908,000 529,000 Accumulated depreciation—buildings (134,000 ) (188,000 ) Equipment 96,000 67,000 Accumulated depreciation—equipment (39,000 ) (21,000 ) Total assets $1,215,000 $813,000 Liabilities and Shareholders’ Equity Accounts payable $...

  • 2019 2018 Statement of financial position as at 31 December 2019 2019 2018 £000 £000 E000...

    2019 2018 Statement of financial position as at 31 December 2019 2019 2018 £000 £000 E000 £000 Assets Property Plant and Equipment 13,073.00 12.570.50 (NBV) Investments 3,550.00 Current Assets Inventory 8,243.50 7.946.00 Receivables 6,173.50 4,052.00 Cash and cash equivalent 431.50 14,848.50 362.00 12.360.00 Total Assets 31.471.50 24.930..50 Equity and Liabilities Share Capital Share Premium Revaluation Reserve Retained Earnings Non Current Liabilities Current Liabilities Trade Payables and others Total Equity and liabilities 6,500.00 6,250.00 1,325.00 12.388.00 5,000.00 2,500.00 1,325.00 26,463.00 11,428.00...

  • The comparative, unclassified statement of financial position for Alton Ltd. shows the following balances at December...

    The comparative, unclassified statement of financial position for Alton Ltd. shows the following balances at December 31: 2017 Alton Ltd. Statement of Financial Position December 31 2018 Assets Cash $5,000 Term deposits (maturing in 60 days) Accounts receivable 75,000 Inventory 101,000 Land 180,000 Buildings 923,000 Accumulated depreciation-buildings (136,000) Equipment 100,000 Accumulated depreciation-equipment (41,000) Total assets $1,207,000 Liabilities and Shareholders' Equity Accounts payable $ 29,000 Income tax payable 3,000 Interest payable 18,000 Bank loan payable-current portion 56,000 Bank loan payable-non-current portion...

  • Analytics Corporation was organized on January 1, current year. At the end of the current year,...

    Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of December 31) Cash Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during the following year) Common stock $308,000 189,000 39,500 74,150 39,500 101,600 34,450 61,800 No dividends were...

  • Analytics Corporation was organized on January 1, current year. At the end of the current year,...

    Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: ts Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of December 31) Cash Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during the following year) Common stock $322,000 196,000 43,000 76,950 43,000 105, 100 eBook Print ferences...

  • The statement of financial position of a business at the start of the week is as...

    The statement of financial position of a business at the start of the week is as follows: £ ASSETS Property 145,000 Furniture and fittings 63,000 Inventories 28,000 Trade receivables 33,000 Total assets 269,000 EQUITY AND LIABILITIES Equity 203,000 Short-term borrowing (bank overdraft) 43,000 Trade payables 23,000 Total equity and liabilities 269,000 During the week the following transactions take place: Sold inventories for £11,000 cash; these inventories had cost £8,000. Sold inventories for £23,000 on credit; these inventories had cost £17,000....

  • The statement of financial statement is based on the following equation: Assets = Liabilities + Equity...

    The statement of financial statement is based on the following equation: Assets = Liabilities + Equity The above mentioned equation can be expanded as follows Non-current assets + current assets = non-current liabilities + current liabilities + equity Your accountant provides you with the following trial balance as at 1 March 2017 Description Balance Property, plant, equipment $350 000 Share capital $250 000 Inventory $54 000 Trade Payables $67 000 Motor vehicles -Cost $120 000 Motor vehicle – Acc Depreciation...

  • The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below:...

    The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below: Statement of financial position as at 31 December 2016 (with comparative figures) 2016 2015 Non-current assets Property, plant and equipment 35,750 281,000 Investment properties 7,000 7,500 Intangibles assets 6,000 6,200 49,250 294,200 Current assets Inventories 3,980 4,545 Trade receivables 7,410 9,075 Short-term investments 500 Cash and bank 7,555 13,650 26,105 20,610 14,810 375,355 Total assets Equity and reserves Share capital 54,500...

  • The statement of financial position of PQR plc at the start of the week is as...

    The statement of financial position of PQR plc at the start of the week is as follows: Assets:                                                                                                            K’000 Property                                                                                                              145 Furniture and fittings                                                                                           63 Inventories                                                                                                           28 Trade receivables                                                                                                 33 Total assets                                                                                                        269 Equity and liabilities Equity                                                                                                                  203      Bank overdraft                                                                                                      43 Trade payables                                                                                                      23 Total equity and liabilities                                                                                   269 During the week the following transactions take place: Sold inventories for K11,000 cash, these inventories had cost K8,000. Sold inventories for K23,000 on credit, these inventories had cost K17,000 Received cash...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT