Documente Academic
Documente Profesional
Documente Cultură
Current Assets
Stocks 275
Debtors 3,200
Provision for Doubtful debts (160) 3,040
General Office Expense 18
Cash at Bank 500
Cash in hand 300
Total Assets
Equity
Share Capital 6,000
Retained Profits 265
Asset replacement reserve 200
Dividend Equilaisation Reserve 700
Current Liabilites
Trade Creditors 2,600
Accrued Transport expenses 200
Tax payable 50
Proposed Dividends 400
Bank Overdraft 1,800
c)
To Chief Executive Officer
From Accountant
Subject Financial Accounting Process
Date 25-Sep-10
Accounting process begins by analysing transactions to determine how they
effect the equation. Then, those effects are recorded in accounting records,
informally referred as the books. Additional processing steps summarize and
classify the effect of all transactions. The process is not complete until it
provides useful information to decision makers in financial statements or other
reports.Recording refers to copying all the transactions in the primary journals
and there respective ledger accounts in the ledger.summarisation refers to
extracting all the balances in the ledgers to Trial balance to prepare final
accounts.Finally prepares Financial Statements for users to make viable
decission
w2 Disposal of Fixtures
Office Fixtures 200000 Provision for Depreciation
Bank
loss on disposal
200000
w3 Depreciation for land and building
Depreciation forMachinery
Depreciation for Furniture and Fittings
Depreciation for Office Equipment
Q3
31.3.2010 Bank
Dispoal of Machinery
Account Payable
31.3.2010 Disposal
Machinery
of Machinery
A/c
Profit & Loss A/c
Q6
Membership subscription Account
Balace B/F 20,000 Balance B/F
Barman slaries
Staff Salaries
Electircity cost
Bar maintance Expenses
Optimists Anonymous
Income and Expenditure Account
for the year ended 31.03.21010
Net profit from the annual dinner dance
Net profit form printing clun T Shirts
Members subscriptiopn
Life time membership
Income from the raffel draw
Expenses
Staff salaries
Electricity cost
General Expenses
Upkeep of the club faclity
Club house maintenace costs
Q5
Excellent Products
Manufacturing account for the year ended March 31 2010
Direct Material
Opening stocks
Purchases
Carriage inwards
Closing stocks
Raw Material consumed
Direct Wages
Royalty
Prime Cost
Production overheads
Electricity Cost 60,000
Depreciation of building 140,000
Factory cleaning expenses 50,000
Rent & rates 200,000
Depreciation of factory machinery 80,000
Machine maintenance cost 40,000
Factory labour 40,000
Production related salaries 300,000
Factory Insurance 50,000
200
5800
-600
400
-275 5,525
7,755
20
100
300
2400
200
130
80
142
90.4
800
358.4
375 4,876
280
600
1800
1348
10
18 4,056
60
150
18 228
(1,285)
(50)
(1,335)
500
400
300
(2,135)
W.D.V.
4,430
4,800
1,506
375
11,110
4,133
15,243
(292)
15,535
72000
110000
18000
200000
90.4
800
358.4
375
Machinery Account
10,000,000 31.08.2009 Accounts Payable/Cash
250,000 1.06.2009 Disposal of Machinery
2,500,000 1.06.2009 Disposal of Machinery
800,000
500,000 1.1.2010 Disposal of Machinery
400,000
31.3.2010 Disposal of Machinery
500,000
200,000 1.1.2010 Disposal of Machinery
31.3.2010 Disposal of Machinery
600,000
50,000
100,000 31.3.2010 Disposal of machinery
30,000
Balance C/d - 10,830,000 31.3.2010 Disposal of Machinery
31.3.2010 Balnce C/d
13,380,000 13,380,000
2,343,333 2,343,333
16,000
200,000
15,000
231,000
300,000
300,000
300000
125,000
40,000
80,000
25,000
20,000
45,000
22,000
199,000
30,000
40,000
336,000
320,000
50,000
90,000
50,000
150,000
660,000
(324,000)
50,000
450,000
30,000
(80,000)
450,000
130,000
100,000
680,000
80,000
(40,000)
1,680,000
Existing Assets 7,700,000