Instructions to students: All questions are compulsory
Materials:
Dictionaries are not permitted.
TASK: BS1004 Introduction to Accounting & Finance Assignment for Business & Management
Question 1
The accountant of Signet Ltd. has prepared the following trial balance on 30th April 2013:
Debit | Credit | ||
£ | £ | ||
Sales | 316,000 | ||
Purchases | 204,500 | ||
Administration expenses | 41,250 | ||
Distribution costs | 10,620 | ||
Inventory 1st May 2012 | 39,740 | ||
Fixtures and fittings : | |||
At cost | 61,300 | ||
Accumulated Depreciation | 22,800 | ||
Ordinary share capital (shares £1 each) | 65,000 | ||
7% 2018 debentures | 24,000 | ||
Debenture interest | 1,680 | ||
Retained Profit 1st May 2012 | 11,610 | ||
Share premium account | 14,000 | ||
Trade payables | 18,610 | ||
Trade receivables | 59,730 | ||
Cash at bank and in hand | 53,200 | ||
472,020 | 472,020 |
Additional Information:
- Inventory at 30th April 2013 was valued at £65,000.
- Corporation tax on profits at 30th April 2013 is estimated to be £12,000.
- Fixtures and fittings are depreciated at an annual rate of 20% of cost.
- A dividend of 10 pence per share on ordinary shares is proposed to be paid.
- The directors consider £1,200 of accounts receivable to be bad debt and should therefore be written off.
Required:Prepare the following financial for Signet Ltd:
- a) Income statement for the year to 30th April 2013(15 marks)
- b) Statement of financial position (balance sheet) as at 30th April 2013(15 marks) (Total: 30 marks)
Question 2: BS1004 Introduction to Accounting & Finance Assignment-City, University of London
You are presented with the following information for Cameron Ltd:
Cameron Limited
Income statement for the year to 31st December 2012
Cameron Limited
Statements of financial position at 31st December 2012
There were no disposals of non-current assets during the year to 31 December 2012
Required:
Prepare a statement of cash flow for the year to 31st December 2012.(20 marks)