The following data are available about the firm’s trade receivables: •The balance of trade receivables as at 31 December is £48,000. However, this total includes an amount of £1,200 which is to be written off as a bad debt. •In addition, the firm has an existing balance on its provision for doubtful debtors of £1,100 and it wishes to maintain the value of this provision […]

From the following data, produce a trading account for the year ended 31 December 2018. £ Opening inventory 8,130 Closing inventory 10,120 Purchases 65,800 Sales 84,000 Carriage inwards 320 Returns inwards 110 Returns outwards 255

The following data relate to the year-end balances for the business of J Holloway. From this data construct the income statement for the year ended 31 December 2015. £ Sales 100,000 Purchases 68,000 Opening inventory 5,400 Closing inventory 7,250 Carriage inwards 460 Rent 7,000 Insurance 2,100 Wages and salaries 18,500 Heating and lighting 870

The following data relate to the year-end balances for the business of J Fowler. From this data construct the income statement for the year ended 31 March 2018. £ Sales 56,490 Purchases 24,654 Opening inventory 8,903 Closing inventory 6,563 Returns inwards 321 Returns outwards 450 General expenses 3,190 Commission received 2,100 Maintenance expenses 1,340 Wages 23,000 Office expenses 995

From the following data, construct a balance sheet for A Jarvis as at 30 June 2015. E Property 95,000 Equipment 14,500 Inventory 10,312 Trade receivables 6,545 Bank 892 Trade payables 5,999 Capital 102,311 Net profit for year 37,118 Drawings 18,179

From the following data, construct a balance sheet for J Amy as at 30 April 2016. Fixtures and fittings 43,450 Equipment 9,800 Inventory 3,413 Trade receivables 4,340 Bank 432 Trade payables 3,487 Cash 141 Capital 39,500 Net profit for year 21,904 Drawings 8,315 Long-term loan 5,000

From the following trial balance produce an income statement for the year ended 31 March 2020 and a balance sheet as at that date. L Blackmore Trial balance as at 31 March 2020 £ £ Sales 75,543 Purchases 45,342 Opening inventory 5,341 Business premises 195,000 Fixtures and fittings 27,800 Trade receivables 8,768 Trade payables 10,641 Returns inwards 434 Returns outwards 991 Rent and insurance 6,451 […]

The annual rent charge for a business is £6,000. This is paid in equal installments every three months (ie £1,500 a quarter). Payments are made on 30 June, 30 September, 31 December and 31 March. However, the payment due on 31 December 2014 was not paid until 12 January 2015. If the business has drawn up its income statement for the year ended 31 December […]

A business arranges insurance for a vehicle purchased on 1 October 2016. The charge for insurance of £1,000 is to cover a six-month period starting on 1 October. Given, with a financial year-end following the calendar year, that half of this charge belongs to the next financial year, the account for insurance would appear as follows: Insurance 2016 £ 2016 £ 1 Oct Bank 1,000 […]

The annual charge for business rates is £2,000. However, in the year ending 31 December 2015 a business had paid £314 in advance for 2016. By 31 December 2016 the business had paid £275 in advance for 2017. The account for business rates would appear as follows: Business rates 2016 £ 2016 £ 1 Jan Balance b/d 314 31 Dec Income statement 2,000 31 Dec […]