Accounting and Finance Homework – Trading, Profit and Loss
Name:
Exercise 1
This information given below relates to the business of A Cowie, a sole trader.
£
Premises (at cost)
200,000
Furniture and Fittings (at cost) 27,000
Gross Profit
36,810
Administration Expenses
15,010
Provision for Depreciation
on Furniture and Fittings
8,100
Provision for Bad Debts
400
Loan Interest
Capital
Drawings
Debtors
Bank Loan (10 year)
Creditors
Bank
£
200
205,000
6,400
12,500
8,000
18,600
5,200
Prepare the Profit and Loss Account of A Cowie for the year ended 31 March 1996 and
a Balance Sheet as at that date referring to the following notes.
NOTES
1
2
3
4
Closing Stock £10,600
The Provision for Bad Debts should be 3% of Debtors.
Furniture and Fittings should be depreciated by 10% on cost
Interest on loan is charged at 5% per annum
To be returned by:
Past Paper, Credit 1996, 1999, 2002
Accounting and Finance Homework – Trading, Profit and Loss
Name:
Exercise 2
Amanda Geddes is the owner of Mercury Music.
From the following information, prepare her Profit and Loss Account for the year
ended 31 January 1999 and a Balance Sheet at that date.
Fixtures & Fittings
Bank Loan
Rent
Advertising
Depreciation Provision
on Fixtures and Fittings
VAT
Premises
Cash
£
7,000
5,000
1,650
360
700
79
18,400
170
(Dr)
Debtors
Gross Profit
Loan Interest
Capital
Provision for
Bad Debts
Creditors
Bank
Drawings
Stock
£
1,400
4,598
125
20,000
66
2,560
400
2,800
540
Notes:
1
2
3
4
Interest on loan – 5% per annum;
Depreciation Provision on Fixtures and Fittings is to be 10% per annum on cost;
Rent accrued £150;
Provision for Bad Debts is to be 4% of Debtors.
To be returned by:
Past Paper, Credit 1996, 1999, 2002
Accounting and Finance Homework – Trading, Profit and Loss
Name:
Exercise 3
Scott Napier is a sole trader and the information below relates to his business for the
year ended 30 April 2002.
Gross Profit
Discount Received
Carriage Out
Bad Debts
Wages
Debtors
Creditors
Bank Overdraft
Van (at cost)
Computer (at cost)
Drawings
Capital
Advertising
Provision for Depreciation on Van
Provision for Bad Debts
Closing Stock
£15,400
£380
£22
£120
£19,500
£11,000
£870
£120
£8,300
£1,000
£1,500
£35,272
£450
£2,600
£250
£300
Taking the following notes into account, prepare the Profit and Loss Account for the
year 30 April 2002.
Notes:
1
2
3
4
Advertising prepaid £65
Wages accrued £50
The Van and Computer should be depreciated by 10% on cost.
The Provision for Bad Debts should be 5% of Debtors.
Show the Financed By section only part of the Balance Sheet as at 30 April 2002.
To be returned by:
Past Paper, Credit 1996, 1999, 2002