Over to you - Trading account for Clockworks Ltd.
The information below represents data for Clockworks Ltd.
3,000 clocks sold at $35 each Closing stock valued at $20,000 Purchases totalled
$50,000 Stock at 1 April 2018 was valued at $15,000
(a) Define the term closing stock. [2 marks]
(b) Construct a trading account for Clockworks Ltd. for the year ended 31 March
2019. [4 marks]
Over to you
a Define the term cost of goods sold . [2]
b Calculate the missing figures for A , B
and C in the table above. [3]
c Construct the profit and loss account for
the year ending 31st March 2019. [5]
Year ending 31st March 2019
Over to you…
a) Complete the above profit and
loss account by filling in the
missing numbers (indicated by
question marks).
b) Identify four stakeholders who
would be interested in the profit
and loss account for BTW Ltd.
c) Explain how the above
stakeholders would use the
information in this account.
Over to you - Masks-R-Us Ltd.
Sales turnover:
15 ODD masks @$9 each
Opening stock:
$10000
Purchases:
$35 000
Closing stock:
$11 000
Overhead expenses:
$16 000
Interest:
$7 000
Tax:
$7 800
Construct a full Profit & Loss account
for Masks-R-Us Ltd.
[5 marks]
Interpret the findings from your
answer above and comment on
whether the financial
performance of Masks-R-Us
Ltd. can be judged solely on this
Information.
[5 marks]