Scribd
Upload
9 views

single

The document provides financial summaries for three different individuals: Ellie, Jenny Barnes, and A Bell, detailing their bank accounts, receipts, payments, and additional financial information for specific years. It includes required tasks to prepare financial statements such as income statements and balance sheets based on the provided data. Each section outlines the necessary calculations and adjustments needed to accurately reflect the financial positions of the individuals at the end of their respective reporting periods.

Uploaded by

hobohin914
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
9 views

single

The document provides financial summaries for three different individuals: Ellie, Jenny Barnes, and A Bell, detailing their bank accounts, receipts, payments, and additional financial information for specific years. It includes required tasks to prepare financial statements such as income statements and balance sheets based on the provided data. Each section outlines the necessary calculations and adjustments needed to accurately reflect the financial positions of the individuals at the end of their respective reporting periods.

Uploaded by

hobohin914
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

2-the following is a summary of Ellie’s bank account for the year ended 31

December 2019
£ £
Balance b/d 8,200 Payments to creditors for goods 136,200
Receipts from debtors 182,000 Rent 7,800
Insurance 2,940
Sundry expenses 1,260
Balance c/d 12,800 Drawings 54,800
203,000 203,000
All of the business takings have been paid into the bank with the exception
of 34, 900. Out of this, Ellie has paid wages of 22,800, drawings of 2,800
and purchase of goods 9,300
The following additional information is available:
31.12.2018 31.12.2019
Inventory 20,600 23,000
Accounts payable for goods 23,400 26,200
Accounts receivable for goods 40,600 37,700
Insurance prepaid 910 1,020
Rent owing 570 -
Fixtures at valuation 3,700 3,400
Required : You are to draw up a set of financial statements for the year ended 31
December 2019. Show all your workings

3-On 1 May 2018 Jenny Barnes, who is a retailer, had the following balances in her
books: Premises £ 70,000; Equipment £ 8,200; Vehicles £ 5,100; Inventory £ 9,500;
Trade accounts receivable £ 150. Jenny does not keep proper books of accounts ,
but bank statements covering the 12 months from 1 May 2018 to 30 April 2019
were obtained from the bank and summarised as follows:
£
Money paid into the bank:
Extra capital 8,000
Shop takings (cash sales) 96,500
Payments made by cheque:
paid for inventory purchased 70,500
Purchases of delivery van 6,200
Vehicle running expenses 1,020
Lighting and heating 940
Sales assistants’ wages 5,260
Miscellaneous expenses 962
c/d
It has been discovered that, in the year ending 30 April 2019, the owner had paid
into the bank all shop takings apart from cash used to pay (i) £ 408 miscellaneous
expenses and (ii) £ 500 per month drawings.
At 30 April 2019:
£ 7,600 was owing to suppliers for inventory bought on credit
The amount owed by trade accounts receivable is to be treated as a bad debt.
Assume that there had been no sales on credit during the year.
Inventory was value at £ 13, 620
Depreciation for the year was calculated at £ 720 ( equipment ) and £ 1,000
(vehicles )
Required: You are asked to prepare an income statement for the year ending 30
April 2019.
4-A Bell has kept records of his business transactions in a single entry form, but he
did not realise that he had to record cash drawings. His bank account for the year
2018 is as follows:
£ £
Balance 1-1.2018 920 Cash withdrawn from bank 12,600
Receipts from debtors 94,200 Trade accounts payable 63,400
Loan from F Tung 2,500 Rent 3,200
Insurance 1,900
Drawings 11,400
Sundry exp 820
Balance 31.12.2018 4,300
97,620 97,620

Records of cash paid were: Sundry expenses £ 180; trade accounts payable
£ 1,310 . Cash sales amounted to £ 1,540

The following information is also available:


31.12.2017 31.12.2018
£ £
Cash in hand 194 272
Trade accounts payable 7,300 8,100
Accounts receivable 9,200 11,400
Rent owing - 360
Insurance paid in advance 340 400
Van ( at valuation) 5,500 4,600
Inventory 24,200 27,100
You are to draw up an income statement for the year ending 31 December 2018,
and a balance sheet as at that date

You might also like