Final Accounts.pdf

About this textbook

This is the O-Level Principles of Accounts textbook. It is a free textbook for revision.

More Principles of Accounts O-Level papers

• Study Guide6.0 MB
• Paper 1 Question Paper5.7 MB
• Paper 1 Study Guide2.1 MB
• Study Guide5.8 MB
• Notes2.0 MB
• Study Guide1.1 MB
• Study Guide4.5 MB
• Paper 2 Revision Pack792 KB

Text from the first page

\multicolumn{4}{|c|}{Statement of comprehensive income for the year ended 31 March 2001.}
  |  &  |  $
 \multicolumn{3}{|c|}{Revenue}  |  200410
 \multicolumn{4}{|c|}{Less cost of sales}
 Opening inventory  |  &  |  18000
 Add purchases  |  & $\frac{128600}{146600}$  |
 Less closing inventory  |  &  |  $\underline{42 \quad 100}$
 Gross profit  |  &  |  95910
 \multicolumn{4}{|c|}{Less expenses}
 Wages and salaries  |  &  |  36900
 Rent ( $11000-1000$ )  |  &  |  10000
 Stationery (4 500-500)  |  &  |  4000
 Telephone ( $14400+600$ )  |  &  |  15000
 Sundry expenses  |  &  |  9056
 Bank charges  |  &  |  3100
 Depreciation: Fixtures and fittings  |  &  |  1944
 Motor vehicles  |  &  |  $\underline{6200}$
 Net profit  |  &  |  9710
 \multicolumn{4}{|c|}{Add interest on drawings}
 John ( $2000 \times 5 \%$ )  |  &  |  100
 Smith ( $3000 \times 5 \%$ )  |  &  |  9960
 \multicolumn{4}{|c|}{Less interest on capital}
 John $(30000 \times 10 \%)$  |  &  |  3000
 Smith ( $50000 \times 10 \%$ )  |  &  |  5000
 Less salary to John  |  &  |  $\underline{500}$
  |  &  |  1460
 Share of profits: John (1/2)  |  &  |  730
 Smith (1/2)  |  &  |  $\underline{730}$
 \multicolumn{4}{|c|}{Current accounts}
 \multirow{7}{*}{
Drawings
Interest on drawings
Balance c/d
}  |  \multirow[t]{7}{*}{
John Smith
$
$
20003000
100150
71308610
9230
11760
}  |  \multirow[b]{7}{*}{
Balance b/d
Interest on capital
Salary
Share of profit
Balance b/d
}  |
  |  &  |
  |  &  |
  |  &  |
  |  &  |
  |  &  |
  |  &  |
 "O" Level Accounts  |  &  |  Page 204
 \multicolumn{4}{|c|}{John and Smith Statement of financial position as at 31 March 2001}
  |  $  |  $  |  $
 Non-current assets  |  &  |
  |  Cost  |  Depreciation  |  Net book value
 Fixtures and fittings  |  24000  |  6504  |  17496
 Motor vehicles  |  31000  |  $\underline{18600}$  |  $\underline{12400}$
  |  55000  |  25104  |  29896
 Current assets  |  &  |
 Inventory of goods  |  & 42100  |
 Inventory of stationery  |  & 500  |
 Trade receivables  |  & 31400  |
 Other receivables - Prepayments  |  & 1000  |
 Bank  |  & $\underline{16044}$  |
  |  & 91044  |
 \multicolumn{4}{|c|}{Less Current liabilities}
 Trade payables  |  24600  |  &
 Other payables  |  $\underline{600}$  |  $\underline{25200}$  |
 Working capital  |  &  |
  |  &  |
$\underline{65844}$
95740

 Financed by:  |  &  |
  |  Capital accounts  |  Current accounts  |  Total
 John  |  30000  |  7130  |  37130
 Smith  |  $\underline{50,000}$  |  8610  |  $\underline{58610}$
  | …