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Nathefa Layne - Final Accounts Q# 6

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16 views4 pages

Nathefa Layne - Final Accounts Q# 6

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Nathefa Layne
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PRINCIPLES OF ACCOUNTS

ASSIGNMENT #2
Question 1
Ivy Brown Trial Balance as at December 31, 2016
$ Dr $Cr
Loan from Perkins 5000
Capital 25 955
Drawings 8420
Cash at bank 3115
Cash in hand 295
Accounts receivable/ Accounts payable 12 300 9370
Opening Inventory 23 910
Motor van 6 000
Provision for depreciation-Motor van 1900
Office Equipment 8 000
Provision for depreciation-Equipment 1750
Purchases/Sales 92100 130 900
Sales returns 550
Carriage inwards 215
Purchase returns 307
Carriage outwards 309
Telephone charges 5005
Office expenses 14 679
Sundry expenses 284
175 182 175 182
Additional information
i. Closing Inventory $27 475
ii. Telephone expenses in arrears $300
iii. Office expenses prepaid $ 679
iv. Depreciate equipment at 10% using the reducing balance method
v. Depreciate Motor-van at the rate of 10% using the straight- line method

Required: Use the information above and replace the question marks by filling in the
missing words or figures for Ivy Brown Income and Statement of Financial Position below 🡫
[pages 2 and 3].

Ivy Brown Income Statement__________________?______________________


$ $ $
Sales 130 900
? Sales Return ___?___
Net Sales/ Turnover ?

Less Cost of Goods Sold


Opening Inventory 23 910
? Purchases ?
? Carriage Inwards 215
?
Less ? 307
?
Less Closing Inventory 27 475
Cost of Goods Sold ___?___
Gross Profit ?

Less Expenses
? 309
Telephone charges 5005
? owing 300 ?
Office expenses 14 679
? Prepayment ? 14000
Sundry expenses ?
Depn-Motor van ?
Depn- Office Equipment ?
Total Expenses ?
Net Profit ?

b) Ivy Brown _________________________________________________________


$ $ $
Non-Current Asset Cost Accumulated Net Book Value
Depreciation

Motor van 6 000 ? ?


Office Equipment 8 000 ? ?
? ? ?

Current Asset
Closing Inventory 27 475
? 12 300
Cash at bank ?
Cash in hand 295
Expenses Prepaid ?
?

Less Current Liabilities


Account Payable 9370
Expenses Owed ? ?
Net Current Assets/WC ?
Net Assets ?

Finance by:
Capital 25 955
? Net Profit ?
?
? Drawings 8420
Closing Capital ?

Add Non-Current Liability


? 5000
?

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