FACULTY OF COMMERCE
NAME
SURNAME
STUDENT NUMBER
MOYO CASIUS
TINANI
DEPARTMENT :
INSURANCE AND RISK MANAGEMENT
MODULE :
FINANCIAL
R191779J
ACCOUNTING
(ACC135)
LECTURER
:
DUE DATE
:
MR NGIRAZI.
5 NOVEMBER 2020
FOR
BUSINESS
1A
QUESTION-1
INCOME STATEMENT OF M.MOYO FOR YEAR ENDED 31 DECEMBER 2019
SALES
190,576.00
LESS COST OF SALES
PURCHASES
LESS: CLOSING STOCK
GROSS PROFIT
119,832.00
(12,408.00)
LESS EXPENSES
SALARIES
MOTOT EXPENSES
RENT
INSURANCE
GENERAL EXPENSES
NET PROFIT
56,527.00
2,416.00
1,894.00
372.00
85.00
107,424.00
83,152.00
61,294.00
21,858.00
BALANCE SHEET OF M.MOYO AS AT DECEMBER 2019
FINANCED BY:
CAPITAL
ADD: NET PROFIT
138,066.00
21,858.00
159,924.00
(8,425.00)
151,499.00
LESS: DRAWINGS
BALANCE
FIXED ASSETS
PREMISES
MOTOR VEHICLES
CURRENT ASSETS
STOCK
RECEIVABLES
CASH AT BANK
CASH IN HAND
LESS CURRENT LIABILITIES
TRADE PAYABLES
NET CURRENT ASSETS
BALANCE
95,420.00
16,594.00
112,014.00
12,408.00
26,740.00
16,519.00
342.00
56,009.00
(16,524.00)
39,485.00
151,499.00
QUESTION-2
STATEMENT OF AFFAIRS OF ABC LTD AS AT 31 DECEMBER 2019
FIXED ASSETS
JAN -2019
DEC-2019
Fixtures
18,000.00
16,200.00
Motor Vehicles
16,000.00
18,000.00
32,200.00
(2,000.00) 31,160.00
25,640.00
CURRENT ASSETS
STOCK
TRADE DEBTORS
BANK
CASH
Total Current Assets
24,000.00
4,800.00
15,600.00
760.00
45,160.00
28,000.00
5,800.00
4,600.00
240.00
38,640.00
LESS: CURRENT LIABILITIES
TRADE PAYABLES
NET CURRENT ASSETS
(8,000.00)
37,160.00
(11,000.00)
27,640.00
LESS: LONGTERM LIABILITIES
Loan Fron B.Brian
(6,000.00)
57,840.00
FINANCED BY
Opening Capital
49,160.00
Add Capital Introduced
4,000.00
Add Net Profit
15,080.00
Less: Drawings
(10,400.00)
57,840.00