Homework Answers
Answer
| 22. 10A | ||
| J. Wright , a sole trader | ||
| Income statement for the year ending 31st March, 2019 | ||
| Particulars | Amount | Amount |
| Revenue | ||
| Sales | 1,27,245 | |
| Less: Return inwards | 3,486 | |
| Net sales | 1,23,759 | |
| Ending inventory | 6,800 | |
| Discounts received | 62 | |
| Total Revenue | 1,30,621 | |
| Expenses | ||
| Opening Inventory (01.04.2018) | 7,940 | |
| Purchases | 61,420 | |
| Less: Return outwards | 1,356 | |
| Net Purchases | 60,064 | |
| Discounts allowed | 2,480 | |
| Carriage outwards | 3,210 | |
| Rent and insurance | 8,870 | |
| Less: Prepaid Rent | 600 | |
| 8,270 | ||
| Allowance for Doubtful debts (Current year) | 110 | |
| Wages and salaries | 39,200 | |
| Add: Outstanding wages and salaries | 3,500 | |
| 42,700 | ||
| General office expenses | 319 | |
| Add: Outstanding office expense | 16 | |
| 335 | ||
| Depreciation for fixtures and fittings | 190 | |
| Depreciation for Van | 1,400 | |
| Total Expenses | 1,26,699 | |
|
Net Income (Total Revenue - Total Expense) |
3,922 | |
| J. Wright , a sole trader | ||
| Balance Sheet as on 31st March, 2019 | ||
| Particulars | Amount | Amount |
| Assets | ||
| Non current Assets | ||
| Property, Plant and equipment: | ||
| Fixtures and fiitings at cost | 1900 | |
| Less: Accumulated Depreciation (570 + 190) | 760 | 1,140 |
| Van at cost | 5600 | |
| Less: Accumulated Depreciation (700 + 1400) | 2100 | 3,500 |
| Current Asset | ||
| Ending Inventory | 6,800 | |
| Accounts receivable | 12,418 | |
| Less: Allowance for Doubtful debts (630 + 110) | 740 | 11,678 |
| Prepaid Rent | 600 | |
| Cash | 140 | |
| Total Assets | 23,858 | |
| Liabilites and Stockholders equity | ||
| Non current liabilities | ||
| - | - | |
| Current liabilities | ||
| Accounts Payable | 11,400 | |
| Outstanding wages and salaries | 3,500 | |
| Outstanding Office expenses | 16 | |
| Bank Overdraft | 2,490 | |
| Total Stockholders equity: | ||
| Capital | 23,930 | |
| Less: Drawings | 21,400 | 2,530 |
| Retained Earnings (Net income) | 3,922 | |
| Total Liabilites and Stockholders equity | 23,858 |
| 22. 12A | ||
| Mr. Yousef | ||
| Income statement for the year ending 31st May, 2019 | ||
| Particulars | Amount | Amount |
| Revenue | ||
| Sales | 1,38,078 | |
| Ending inventory | 13,551 | |
| Total Revenue | 1,51,629 | |
| Expenses | ||
| Opening Inventory (01.04.2018) | 11,927 | |
| Purchases | 82,350 | |
| Carriage outwards | 2,933 | |
| Carriage inwards | 2,211 | |
| Rent, Rates and insurance | 6,622 | |
| Add: Outstanding Rent | 210 | |
| Less: Prepaid Rates | 880 | |
| 5,952 | ||
| Bad debts | 877 | |
| Allowance for Doubtful debts (Current year) | 40 | |
| Wages and salaries | 26,420 | |
| Postage and stationery | 3,001 | |
| Advertising | 1,330 | |
| Depreciation for Equipment (58000 * 15%) | 8,700 | |
| Total Expenses | 1,45,741 | |
|
Net Income (Total Revenue - Total Expense) |
5,888 | |
| Mr. Yousef | ||
| Balance Sheet as on 31st May, 2019 | ||
| Particulars | Amount | Amount |
| Assets | ||
| Non current Assets | ||
| Property, Plant and equipment: | ||
| Equipment at cost | 58000 | |
| Less: Accumulated Depreciation (19000+8700) | 27700 | |
| Equipment at Net | 30,300 | |
| Current Asset | ||
| Ending Inventory | 13,551 | |
| Accounts receivable | 12,120 | |
| Less: Allowance for Doubtful debts (130+40) | 170 | 11,950 |
| Prepaid Rates |
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explanation to solve 22.12a?thank you!
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