Assignment Requirements
A friend of yours, a self-employed accountant, has asked you to assist him in preparing a set of accounts from one of his clients account records.
Using the following information, you are required to complete the following tasks for the year ending 30th November 2013:-
Open up a set of ledger accounts starting from last year’s Balance Sheet information
Post the year’s transactions to the appropriate ledger
Account for any transactions that may not be complete at the year end
Balance the ledger accounts
Prepare a Trial Balance
Prepare a Trading/Profit and Loss Account
Prepare a Balance Sheet
Prepare a cash flow statement for the year just ended
Offer up a commentary as to how you think the Business has performed over the year
Sue and Angie – Balance Sheet as at 30th November 2012
FIXED ASSETS
COST
DEPN
NBV
BV
Vehicles
26,000
10,000
16,000
Plant and Equipment
149,000
106,000
43,000
Land and buildings
285,000
241,400
43,600
460,000
357,400
102,600
CURRENT ASSETS
Bank
55,600
Cash
3,200
Trade Debtors
54,100
Provision for Doubtful Debts
(2,700)
54,400
Stock
5,150
Insurance, prepayment
1,700
117,050
CURRENT LIABILITIES
Trade Creditors
49,800
Accruals
Telephone
1,600
Light and heat
1,900
Wages
4,100
Accountancy
3,150
60,550
NET CURRENT ASSETS
56,500
159,100
LONG TERM LIABILITY
10% Bank Loan
42,000
NET ASSETS
117,100
CURRENT ACCOUNT
Sue
25,600
Angie
26,800
52,400
CAPITAL ACCOUNT
Sue
32,300
Angie
32,400
64,700
117,100
Prepared by A J Carte FCA January 2013
Sue and Angie
Notes to the Accounts for the year ended 30th November 2013
Trading figures
Sales for the year
510,000
Purchases for the year
269,400
Sales returns by customers
27,900
Purchase returns to Suppliers
8,300
Cheques paid out
Wages
98,500
Motoring expenses
8,900
Heat and Light
5,600
Accountancy
4,400
Insurance
3,800
Telephone and Broadband
7,600
Premises Upkeep
4,100
Computer Equipment (plant)
6,500
Motor Vehicle
15,500
Suppliers
261,000
Drawings
Angie
24,000
Sue
22,000
Cheques received
From customers
505,000
From Sue
4,800
From Angie
4,200
Other information relating to the accounting year, to be accounted for
A vehicle purchased in September 2010 for £10,000 was sold for £6,500
Depreciation rates are to be calculated as follows:-
Plant 10% RB
Motor Vehicles 15% SL
Land and Buildings 2% SL
Depreciation is provided 100% in year of purchase and NIL % in year of sale.
Closing stock is valued at £5,400.
£3,400 of the closing debtors are considered to be uncollectable.
The doubtful debt provision is to be set at 5% of year end Debtors.
The following were outstanding and unrecorded at 30th November 2013
Telephone £2,000
Heat and Light £1,100
Wages £3,400
Accounting £2,750
No loan repayments or interest have been paid in the year.
Sue has taken £1,900 of stock for her personal use.
Angie has used £500 cash to buy a season ticket at Anfield.
Sue has used £600 cash to pay for a holiday in Italy.
Cash Discounts received from suppliers total £2,800.
Profits are shared equally. No interest is charged on Capital or Current Account Balances. At the end of the accounting period a transfer is made between current accounts in order to ensure that drawings for the year are the same for each partner.
All transactions relating to the partners during an accounting period are to be recorded in the Current Accounts of the partners.
Weighting %
Ledger Accounts 40
Trial Balance 10
Final Accounts 30
Cash flow Statement 10
Final Commentary 10
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