ΛΥΣΗ ΑΣΚΗΣΗΣ 1 A
Control Accounts
A)
SALES LEDGER CONTOL A/C or DEBTORS A/C
Balance b/f
Bank-correction
Credit Sales
Interest charged
15000 Balance b/f minority
200
100 Bank- receipts
63000
65000 Discount Allowed
2000
0
Returns inwards
1200
Bank - Dishonoured cheques
600
Bad Debts
200
legal fees-solicitor fees
210 Motor Van accept
1300
Contra with P.L.C.A
500
Balance c/f – minority
190
Bills receivable
Balance c/f (ζητούμενο)
81100
Balance b/d
-
12700
0
12700
81100
Balance b/d
190
PURCHASES LEDGER CONTOL A/C or CREDITORS A/C
Balance b/f (minority)
300 Balance b/f
+
9000
Contra with S.L.C.A
500 Credit Purchases
41000
Returns Outwards
1600 Bank-correction
450
Discount received
Bank-payments
Bills Payable
800 Balance c/f (minority)
220
37000
0
Furniture - as payment700
Balance c/f –(ζητούμενο)
10470
50670
Balance b/d
220
50670
Balance b/d
10470
Dec31
Dec 31
Provision for Bad Debts a/c
Profit & Loss
146
B/ce c/d
254 Jan 1
B/ce b/d
2%x12700
400
400
B/ce b/d
254
400
B)
Balance sheet extract
Current Assets:
Debtors (12700 + 220)
Less provision
Current Liabilities:
Creditors (10470 + 190)
12920
(254)
12666
10660
ΛΥΣΗ ΑΣΚΗΣΗΣ 1 B σελ. 24
Control Accounts
ERROR
Sales / Purchases Control Ledger a/c
Incorrect Balances
Sales
44000
Less: (a) overcast
Purchases
28000
(1000)
Add: (c) under cast
5000
Add & Less: (d) under cast/overcast
300
Add: (h) solicitor fees
180
Less: (i) fixed asset
(4660)
Less: (j) allowances
(5000)
Less: (l) contra
(2500)
Less: (m) Discounts
(820)
(100)
(820)
Less: (n) Returns out
(700)
Less: (n) fixed asset
(3330)
£36500
£22050
List of:
Debtors
Creditors
Incorrect Balances
40000
22000
Add: (b) dishonored
250
Add: (e) omitted
750
Add: (f) debited in error
300
Add: (g) overcast
1000
Less: (j) allowances
(5000)
Add & Less: (k) balances
500
Less: (n) Returns Out
(550)
(700)
£36500
£22050
ΛΥΣΗ ΑΣΚΗΣΗΣ 2
SUSPENSE
ERROR
a)
Journal
I
No Entry
450
Suspense
II
B. Neophytou
450
100
A. Neophytou
III
100
Sales return
225
Sales
225
Suspense
IV
Suspense
450
360
Rates
V
Bad debts
360
370
Suspense
VI
Buildings
370
900
Wages
90
Suspense
810
VII
VIII
Drawings
580
Purchases
330
Cash
250
Furniture
500
Sales
IX
500
Disc Allowed
540
Disc Received
540
Suspense
X
Creditor
1080
2000
Cash
XI
Cash
2000
1350
Suspense
XII
Suspense
1350
3150
Sales
XIII Rent Prepaid
Salaries Due
3150
100
100
or
DR: Rent Prepaid 100
CR: Rent a/c or Profit and Loss a/c 100
DR: Salaries a/c or Profit and Loss a/c 100 CR: Salaries Due 100
b)
Suspense A/C
B/ce b/d
1000
Salaries
150
Rates
360
Sales Returns
225
Sales
3150
Sales
225
Bad debts
370
Buildings
810
Discount allowed
540
Discount received
540
Cash
1350
4510
4510
c) Types of errors:
I Omission, II Commission, III Commission, IV Original, V Omission,
VI Principle, VII Omission, VIII Compensating, IX Commission, X
Reversal , XI Omission, XII Omission, XII Omission.
d) Statement showing the correct value of Gross Profit / Net Profit:
Incorrect Balances
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
XIII
Correct Balances
GROSS PROFIT
NET PROFIT
15000
10000
(450)
NO EFFECT
(450)
360
(370)
90
330
500
(1080)
NO EFFECT
NO EFFECT
3150
NO EFFECT
12080
NO EFFECT
(450)
330
500
NO EFFECT
NO EFFECT
3150
NO EFFECT
18530
ΛΥΣΗ ΑΣΚΗΣΗΣ 3 A σελ. 45
STOCK
Add
Incorrect Stock on Jan 8
Net Purchases
( 7000-80- 150/1.25 )
Net Sales
( 8500-600 )/1.25
Less
6800
6320
1.Over posted
2.Sale or Return
3.Sold Stock ( 1000/1.25)
100
180
800
4 .Scrapped ( 400/1.25 )
320
5. Under posted
6. No effect
7. Overposted(1280-640)
Selling price = 1600
Cost = 1600 /1.25= 1280
New Selling price =
1280/2 = 640
Net Realisable Value =
640-100 = 540
8. Samples
9. Omitted ( 800 )
1,25
10. Sale or Return
11. No effect
Correct Stock at Dec 31
20000
100
—
—
740
800
640
3000
—
_____
10060
—
_____
(9740)
320
20320
ΛΥΣΗ ΑΣΚΗΣΗΣ 3 B
STOCK LOSS
Για να υπολογίσoυμε το Stock Loss έχουμε δύο τρόπους:
(α)
opening stock
+ Net purchases (300000+30000-20000)
- Net sales at COST PRICE/1.25
Correct stock
Compare with stock taking
Stock loss
(Β)
Trading a/c as at 31 December 2013
Sales
Less returns
Less cost of sales:
opening stock
purchases
Less return out
Carriage in
Stock loss (RESIDUAL)
Less cl. Stock
Gross profit (Mark up) 390000x25/125
40000
310000
(312000)
38000
(35000)
3000
400000
(10000)
40000
310000
(0)
(0)
3000
35000
390000
312000
78000
ΛΥΣΗ ΑΣΚΗΣΗΣ 4
Incomplete
B/ce b/d
Credit Sales
B/ce b/d
Debtors A/C
25000
Bank
106500
Disc. Allowed
Bad debts
B/ce c/d
131500
101000
200
300
30000
131500
30000
Disc received
Bank
B/ce c/d
Creditors A/C
300
B/ce b/d
50000
Credit purchases
3100
53400
B/ce c/d
3100
50300
53400
3100
Total Sales = Credit Sales + Cash Sales = 106500 + 4500 + 90 = 111090
Total purchases = Credit purchases + Cash purchases = 50300 + 3000 =
53300
(W1) provision for Bad Debts
5%x30000=1500,
1700–1500 = 200 decrease-income
Adonis
Trading Profit & Loss A/C for the year ended Dec. 31 Year 2013
£
£
Sales
111090
Less sales returns
(350)
110740
Less cost of sales:
opening stock
3500
purchases (53300-500)
52800
Less purchases returns
(350)
Less closing Stock
3000
52950
Gross profit
57790
Add income:
Discount received
300
Provision for doubtful debts (w1)
200
500
58290
Less expenses:
Rent (6000x12/15)
4800
Staff Wages (20000+2300-2500)
19800
Advertising
450
Printing & Stationery
600
Insurance (1500-240+100)
1360
Postage
200
Motor & Travel
4000
Bank charges
50
Loan interest 10% x 20000 x 6/12
1000
Bad debts
300
Other expenses
500
Depreciation: motor vehicle (5700-500) x 20%
1040
Furniture & Fittings (2000-300) x15%
255
(34555)
Net profit
23735
Balance Sheet of Adonis as at Dec. 31
£
Cost
Fixed assets:
Motor vehicle
5700
Furniture & Fittings
2000
7000
Current Assets:
Stock
Debtors
30000
Less provision for doubtful debts (5% x
30000)
(1500)
Cash in hand
Rent prepaid (6000x3/15)
Insurance prepaid
Bank (receipts-payments)
Less Current Liabilities:
Creditors
Loan interest due
Wages due
working capital
Less long term liabilities:
Loan (20000-3500)
Capital Jan 1(Assets-Liabilities+10000)
Add Net profit
Less Drawings (1000+500)
Capital Dec 31
3100
500
2300
year 2013
£
Provision
£
NB
1940
555
2355
3760
1445
5205
3000
28500
90
1200
240
42500
75530
(5900)
69630
(16500)
58335
36100
23735
1500
58335
ΛΥΣΗ ΑΣΚΗΣΗΣ 5
Non making Profit Organizations
a)Accumulated fund Jan. 1 = Assets – Liabilities
6000+200+1500+1900-1300-150+500-1800+750-1600=6000
Restaurant Trading a/c of Figardou
for the year ended Dec. 31 year 2013
£
Sales
Less cost of sales:
opening stock
purchases (51000+2900-1800)
Less closing stock
Gross Profit
Add other income:
Profit on Sale
Less expenses:
Wages (2300+350)
Rent (36000 x 1/3)
Insurance (1100+500-400)x1/3
Light and heat (2000-150+200)x1/3
Depreciation (6000+3000=9000
9000-2000=7000
7000-5600=1400)
Restaurant Loss
750
52100
(800)
£
85000
(52050)
32950
500
33450
23350
12000
400
700
1400
(37850)
(4400)
Income and Expenditure of Figardou
for the year ended Dec 31 2013
£
Subscription (w1)
Donation
Life subscription ((4000/5+1600/(5-1))
Less expenses:
Wages
Sundry expenses
Bank charges
Advertising
Insurance 2/3
Light and heat 2/3
Gifts
Travelling
Rent 2/3
Bad debts
Less restaurant Loss
Surplus
(W1)
Jan 1
B/ce b/d
Income and
expenditure
Dec31 B/ce c/d
11000
500
150
4500
800
1400
650
2100
24000
100
4400
£
72400
200
1200
73800
(49600)
24200
Subscription A/c
1900
B/ce b/d
72400
100
74400
Dec
31
1300
Bank
Bad debts (19001800)
70000
B/ce c/d
3000
74400
100
Balance sheet of Figardou as at Dec 31 year
£
Fixed Assets:
Buildings
40000
Kitchen equipment
7000
Shooting Guns
1200
48200
Current Assets:
Stock
Subscription in arrear
Insurance prepaid
Cash
Bank
Less Current Liabilities:
Creditors
Subscriptions in advance
Light and heat
Wages due
Working capital
Accumulated fund
Add surplus
Life subscription in advance (3200+1200)
Legacy
Increase in cash
2013
£
£
-
40000
1400
5600
1200
1400
46800
800
3000
400
320
27000
31520
2900
100
250
350
3600
27920
74720
6000
24200
4400
40000
120
74720
ΛΥΣΗ ΑΣΚΗΣΗΣ 6 σελ. 87
LIMITED
Neorama PLC
Profit and Loss Appropriation for the year ending 31 December 2013
€
Gross profit
€
860.000
Add other income:
Discount received
3500
Profit on sale of office equipment sold
5400
Interest receivable – deposit (50000x10%)x
9/12
Decrease on provision for bad debts (45000 –
5000)x3% = 1200 – 1850
3750
650
13300
873300
Less expenses & charges :
Auditors remunerations
10 900
Administrative expenses
90 000
Directors fees
20 900
Distribution expenses (18000 – 600)
17 400
Selling Expenses (80000+500)
80500
Discount allowed
1 800
Interest on Debentures 6% x100,000
6000
Loss on sale of vehicle
1 500
Bad Debts
5 000
Provision of obsolete stock
2 500
Depreciation of motor vehicle (150000 – 30000)
x 20%
Depreciation of: office equipment
(30 000 – 5000) : 5
Net profit
24 000
5 000
265 500
607 800
Less Appropriations :
Interim Dividends: preference
Ordinary
Proposed Dividends: preference (100 000x6%)=
6000 - 3000
Ordinary (330 000 : 0.50 x 0.10)
Transfer to General Reserve
3000
17 000
3000
66000
20 000
69 000
25 000
Goodwill written off
20 000
Retained earnings (residual)
473 800
Profit and loss balance b/d
85 000
Profit & Loss c/d or Retained earnings c/d
558 800
Balance Sheet of Neorama Plc as at 31st December 2013
Cost
Provision for
Depreciation
Net book
value
250 000
(20 000)
230 000
(54 000)
(20 000)
770 000
96 000
10 000
(94 000)
50 000
1 156 000
Fixed assets :
Intangible assets:
Goodwill
Tangible assets :
Freehold property
Motor vehicles
Office equipment
Investments :
10% deposit investment a/c
Current assets:
Stock
Less provision for obsolete
Debtors
Less bad Debt
Less provision for bad debts
Distribution expenses
prepaid
Interest receivable due
Less current liabilities:
Creditors
Bank overdraft
Selling expenses due
Final dividends
Debenture interest due
Working capital
Less long term liabilities
6% debentures
770 000
150 000
30 000
50000
1 250 000
50 000
2 500
45 000
5 000
1 200
47 500
38 800
600
3 750
90 650
32 750
5 600
500
69 000
3 000
(110 850)
(20 200)
(100 000)
1 035 800
Authorized share capital
6%preferences shares
Ordinary shares
200 000
750 000
950 000
Issued & called up share
capital :
6% preferences shares
Ordinary shares
Reserves :
General reserve (15 000 + 25
000)
Share premium
Profit & Loss C/D
100 000
330 000
430 000
40 000
7 000
558 800
605 800
1 035 800
ΛΥΣΗ ΑΣΚΗΣΗΣ 7A
PARTNERSHIPS FORMATION
Premises
Goodwill
Motor van
Debtors
Stock
Bank
Creditors
Capital Ad
Premises
Goodwill
Motor van
Stock
Debtors
Bank
Creditors
Capital E
Capital A 3
Capital E 2/5
Goodwill
Opening Journal of the new Partnership
150000
30000
2000
1800
2000
60000
5000
240800
150000
35000
3000
4000
10000
39000
16000
Bank
Capital E
40000
Capital A
Bank
1800
16000
186000
65000
40000
1800
Capital A/C
Creditors
B/ce c/d
Bank
Goodwill
B/ce c/d
A
5000
240800
E
16000
186000
245800
192000
1800
39000
200000
240800
26000
200000
226000
Premises
Goodwill
Motor van
Debtors
Stock
A
150000
30000
2000
1800
2000
245800
E
150000
35000
4000
3000
192000
B/ce B/d
240800
186000
240800
40000
226000
200000
200000
Bank
B/ce b/d
Balance Sheet of Adonis and Efi Partnership
as at Jan 1 year 2013
FIXED ASSETS:
Premises
Motor Van
CURRENT ASSETS:
Stock
Debtors
Bank
CURRENT LIABILITIES:
Creditors
Working Capital
Capital Efi
Capital Adonis
300000
20000
£
£
320000
5000
5800
108200
119000
(21.000)
98000
400000
200000
200000
400000
PARTNERSHIPS ΛΥΣΗ ΑΣΚΗΣΗΣ 7B
FINAL ACCOUNTS
Trading, Profit & Loss Appropriation for the year ended Dec 31 2014
€(000)
Sales
2009
Less returns in.
(150)
€ (000)
1859
Less cost of sales:
Op. stock
35
Purchases
950
Less returns out
(70)
Carriage in
10
Less closing stock
(25)
Gross Profit
(900)
959
Add other income
Income from Investment
24
Discount received
60
84
1043
Less expenses:
Provision for Bad Debts
24
Carriage out
20
Administrative expenses (90+30)
120
Salaries & wages
745
Distribution expenses (250+26-12 x2)
262
3
Bad Debts (70+10)
80
Loan Interest
7.5
Discount allowed
50
Depreciation: Machinery (10% x 300) *on cost
30
Delivery van 20% x (600-236)
Buildings (700 x 2%)
72.8
14
Net Loss
(382.3)
Add interest on Drawings
A: 10% 100
(14253)
10
M: 10% 15
150
Less appropriation:
25
(357.3)
Interest on capital
A: 5% 1500
(75)
M: 3% 1000
(50)
Interest on current a/c
A: 10% 300
(30)
M: 10% (500)
50
Salary of Maria
(20)
Commission on Sales Adonis (33.3% x9)
(3)
Share of Loss
(128)
(485.3)
A: (1 4853)
2
M: (1 4853)
2
(242.65)
(242.65)
(485.3)
Current accounts
B/ce b/d
Interest on
drawings
Drawings
Interest on current
Share of Loss
B/ce c/d
B/ce
b/d
A
10
M
500
15
100
150
—
50
242.65
242.65
57.85
—
410.5
957.65
902.64
A
300
75
M
—
50
30
—
—
5
Commission
3
—
Interest on
Loan
B/ce c/d
2.5
—
—
902.65
410.5
957.65
B/ce b/d
Interest on
capital
Interest on
current
Salary (20-15)
B/ce
b/d
57.85
Balance Sheet of Adonis and Maria as at 31st December 2014
Cost
Provision for
Depreciation
Net book
value
Fixed assets :
Land and Buildings
Machinery
Delivery Vans
Investments
Current assets:
Stock
Debtors
Less bad Debt
Less provision for bad debts
Distribution expenses
prepaid
Dividend Receivable
Less current liabilities:
Creditors
Bank overdraft
Expenses due (30 + 20)
Working capital
Less long term liabilities
10% Loan
Capital A
Capital M
Current a/c A
Current a/c M
800000
300000
600000
1700000
42000
70000
308800
420800
758000
230000
291200
1279200
400000
25000
400000
10000
390000
351000
8000
12000
396000
220000
50000
50000
320000
76000
(100 000)
1655200
1500000
1000000
57850
(902650)
2500000
(844800)
1655200
PARTNERSHIPS ΛΥΣΗ ΑΣΚΗΣΗΣ 7Γ
REVALUATION
Motor vans
Debtor
Stock (1000 X 4)
8000
1000
4000
Revaluation a/c
Goodwill
Buildings
Creditors
CapitalLoss
A: 1560
E: 1040
13000
Current
Revaluation
Loan
Motor van
Bank
Goodwill
B/c c/d
Ad
3000
1560
30000
3000
42440
-
E
1040
Capital a/c
An
Ad
B/c b/d
80000
Furniture
Bank
Goodwill
18000
6000
30960 58000
80000 50000 64000
80000
5000
5000
400
2600
13000
E
50000
An
10000
50000
4000
50000
64000
Efi and Andria
Balance sheet as at Jan 1 Year 9
FIXED ASSETS:
Buildings
Motor van (12000-3000)
Furniture
CURRENT ASSETS:
Stock (13000-4000)
Debtors (16000-1000)
Bank (10000+50000-42440)
Less Current Liabilities:
Creditors (9000-400)
Working capital
Less Long Term Liabilities:
Loan
Capital: Efi
A
Current a/c Efi
75000
9000
10000
94000
-
75000
9000
10000
9000
15000
17560
41560
(8600)
32960
(30000)
96960
30960
58000
88960
8000
96960
PARTNERSHIPS ΛΥΣΗ ΑΣΚΗΣΗΣ 7Δ
REALIZATION
DISSOLUTION A/C
Land & Building
1000000
Neorama –assets
1000000
Equipment
60000
Andria-Capital-Mv
Motor Vehicle
32000
Creditors-Disc received
(182800-18200)
Stock
74000
Debtors
102000
Bank Interest
11000
800
Bank-Debtors
(102000-12000)
90000
Capital Ad: (1) 42050
Μ: (1) 42050 } 168200
And: (2) 84100
500
Bank Expenses
1500
1270000
Current A/C
Dissolution(M.V)
Dissolution
Shares(1:1:2)
Debentures
Bank
Ad
—
—
42050
12500
50000
45450
150000
M
—
—
42050
12500
50000
—
104550
(w1) Bank = 800000
Shares = 100000x₤0.50 = 50000} 1000000
Debentures: 150000x₤1 = 150000
Capital A/C
And
B/ce b/d
6100
Current A/C
11000
Bank
84100
25000
50000
—
176200
1270000
Ad
140000
10000
—
M
70000
16000
18550
And
42000
—
134200
150000
104550
176200
Dissolution
Neorama
90000
Bank A/C
B/ce b/d
613300
800000
Dissolution
Capital M:
18550
Dissolution
And:
134200
Creditors
182000
Loan
200000
Capital Ad:
1042750
1500
500
45450
1042750
ΛΥΣΗ ΑΣΚΗΣΗΣ 8
MANUFACTURING
Manufacturing A/C
of Efi for the year ended 31 Dec 2015
£
Opening stock of R.M
100
Purchases of R.M
1500
Less returns
(100)
Carriage in
Less closing stock of R.M
60
(120)
Cost of R.M USED
Direct wages
License and other direct expenses
£
1440
700
30
PRIME COST
730
2170
Factory Overhead Expenses
Indirect wages
40
Factory Supervisor Salary
30
Other factory Expenses
70
Insurance (25+5)x1/3
10
Rent (50-20)x1/3
10
Depreciation of plants and machinery (10%x10000)
1000
Depreciation of motor van 25%(24000-6000)x1/3
1500
Add op. stock of work in progress
Less closing stock of work in progress
2660
80
(70)
COST OF PRODUCTION
(10)
4840
Manufacturing profit 20%x4840
968
TRANSFER TO TRADING
5808
Trading & Profit & Loss
of Efi for the year ended 31 Dec 2015
Sales
9000
Less returns in
(100)
8900
Less cost of sale:
opening stock
450
purchases
400
manufacturing
carriage in
Less returns out of purchases
Less closing stock (440+55)
5808
20
(0)
(495)
(6183)
GROSS PROFIT
2717
Add other income:
Discount received
25
Manufacturing profit
968
Less expenses:
993
3710
Administration expenses
(3040)
financial
(263,3)
Selling & Distribution
(90)
NET PROFIT/LOSS
316.7
(W1)
Provision for bad debts: 5
Provision at Dec 31 % on Debtors (3%2500): 75
75-5=70
(W2)
Provision at 31 Dec
Dec 31
20
120
x closing stock of finish goods 440=73.3
B/ce c/d
Provision of un. Profit
73.3 Jan 1
B/ce b/d
P%L
73.3
50
23.3
73.3
B/ce b/d
73.3
ΛΥΣΗ ΑΣΚΗΣΗΣ 9A
RATIOS
Formula
Net Profit
100
1)
Sale
Calculation
600
 100
3000
2013
2014
20%
-
-
7,50%
1300
400
2
6.5 times
-
1600
700
2
-
4,6 times
52
6 .5
8 weeks
-
52
4 .6
-
11 weeks
1.95 times
-
-
1,95
times
390
-
-
390
300
 100
4000
2)
3)
4)
Cost of Sales
op. stock  cl. stock
2
365 or 52 or 12
stock turnover
C.A
C.L
800
210  200
800
250  160
5) C. A – C.L
800-(210+200)
800-(250+160)
6)
C.A  Cl. Stock
C.L
340  160
210  200
800  400
250  160
Formula
Net profit before interest
7)
Capital employed
8)
Net profit before
average capital
9)
Gross profit
 100
Sales
10)
11)
Gross profit
 100
Cost of Sales
Debtors
 12
Sales
Calculation
1,2 times
-
-
0,97
times
2013
2014
600  8%1300
800  450  50  1300
27,08%
-
300  8%1300
900  400  50  1700
-
14,30%
-
15,40%
1700
 100
3000
56,67%
-
2400
 100
4000
-
60%
1700
 100
1300
130%
-
2400
 100
1600
-
150%
1,36
months
-
-
0,9
months
300  136
( 2600  3050) / 2
2600=800+450+50+1300
3050=900+400+50+1700
340  12
3000
300
 12
4000
12)
13)
Creditors
 365
Purchases
Sales
 100
Capital employed
210  365
1500
51,1 days
-
250  365
1700
-
53,6
days
3000  100
2600
115,3%
-
4000  100
3050
-
131,15%
ΛΥΣΗ ΑΣΚΗΣΗΣ 9B και Γ
RATIOS
Transaction
(i)
(ii)
Increase
Decrease
√
(iii)
√
(iv)
√
(v)
No effect
√
√
(vi)
√
(vii)
√
(viii)
√
Adonis
Trading and Profit & Loss Account for the year ended 31 May 2014
£
£
Opening stock
20000 Sales
156000
Purchases
122500
142500
Less Closing Stock
(12500)
Cost of goods sold
130000
Gross Profit c/d
26000
156000
156000
General expenses
Depreciation of fixed assets
14600 Gross profit b/d
(1000)
Net profit
10400
26000
26000
26000
Net profit
10400
Adonis
Balance Sheet at 31 May Year 2014
FIXED ASSETS at cost
Less Depreciation to 30/3 Yr8
CURRENT ASSTES
Stock
Debtors
Balance at bank
Less Amounts due within 1 year
(Current Liabilities)
£
20000
16000
12500
18780
18720
4000
50000
(25000)
NET CURRENT ASSETS (WORKING CAPITAL)
Net assets
Financed by :
Capital at 1 June Year 2013
Add Net Profit
Less Drawings
Capital at 31 May Year 8
£
25000
29000
10400
5000
23600
29000
ΛΥΣΗ ΑΣΚΗΣΗΣ 10
BAD DEBTS AND RELEVANT ACCOUNTS
31 May 2012
31 Dec 2012
31 May 2013
31 Dec 2013
31 May 2014
31 Dec 2014
Bad Debts A/C
6000 31 Dec 2012
1000
7000
Cash
Cash
Cash
Cash
Cash
Cash
P&L
7000
7000
3750 31 Dec 2013
1500
5250
P&L
8500 31 Dec 2014
2000 3 Nov 2014
10500
P&L
cash
5250
5250
10500
350
10500
Bad debts Recovered A/C
31 Dec 2012
P&L
800 5 Jun 2012
Cash
800
13 Dec 2013
P&L
500 4 Apr 2013
Cash
500
Provision for bad debts A/C
31 Dec
2012
B/ce c/d
5% (600000-10002000)+2000
B/ce
b/d
31850 1 Jan 2012
31 Dec 2012
P&L
31850
31 Dec
2013
B/ce c/d
6%(550000-15002500)+2500
1 Jan
2014
6850
31850
B/ce
b/d
35260 1 Jan 2013
31 Dec 2013
P&L
35260
31 Dec
2014
25000
B/ce c/d
3%(470000-20003000)+3000
16950 1 Jan 2014
P&L
18310
31850
3410
35260
B/ce
b/d
35260
35260
35260
Profit & Loss extract dec 31 2012
Bad debts
7000 Bad debts recovered
Provision
6850
800
Balance sheet extract Dec 31 2014
Debtors(470000-2000)
468000
Less provision
(16950)
451050
ΛΥΣΗ ΑΣΚΗΣΗΣ 11
Accruals & Prepayments
July 11
Sept 27
Dec 31
Rent A/C
900 July 1
900 Dec 31
900
Bank
Bank
B/ce c/d
(due 3 months)
B/ce b/d
P&L
(6 X 300)
2700
Jan 3
Apr 14
June 30
Bank
Bank
B/ce c/d
(due)
2700
900 Jan 1
1200 June 30
1200
3300
July 1
July 1
Oct 17
B/ce b/d
Bank
Rates A/C
850 Dec 31
2325 Dec 31
B/ce b/d
Bank
1200 Jun 30
2400 June 30
3600
July 1
B/ce b/d
1200
B/ce b/d
P&L
900
2400
3300
B/ce b/d
P&L
B/ce c/d
(prepaid)
(4800 X 3 /12)
3175
Jan 1
May 13
900
1800
1200
1975
1200
3175
P&L
B/ce c/d
2400
1200
3600
July 1
Dec 31
B/ce b/d
P&L
Rent Receivable A/C
1000 July 23
3000 Sep 17
Dec 31
Bank
Bank
B/ce c/d
4000
Jan 1
Jun 30
B/ce b/d
P&L
1000
1500
1500
4000
1500 Jan 3
3600 Apr 14
Jun 30
Bank
Bank
1500
1200
B/ce c/d
2400
(4 X 600)
5100
July 1
July 1
Aug 6
Jan 1
B/ce b/d
B/ce b/d
Bank
B/ce b/d
5100
2400
Insurance A/C
600 Dec 31
P&L
7200 Dec 31
B/ce c/d
(7200 X 7/12)
7800
4200 June 30
June 30
4200
P&L
B/ce c/d
(7200 X 1/12
3600
4200
7800
3600
600
4200
Balance Sheet EXTRACT on Dec 31
Current Assets
Current Liabilities
Insurance prepaid
600 Rent due
1200
Rates prepaid
1200
Rent in arrear
2400
ΛΥΣΗ ΑΣΚΗΣΗΣ 12
DEPRECIATION
YEARS
Furniture
1
2011
10000- 1000
4
Furniture
2
Furniture
3
Totals:
2011
Dec 31 B/ce c/d
2012
Dec 31 B/ce c/d
2013
Disposal
Dec 31 B/ce c/d
Furniture
Profit
—
—
2250
2012
2250
170001000=4000x9/12=3000
4
—
5250
2013
2250
provision
6750
4000
220001000x4/12=1750
4
8000
Provision for Depreciation of Furniture A/C
2011
2250
Jan 1 B/ce b/d
—
Dec 31 Depreciation
2250
2012
7500
Jan 1 B/ce b/d
—
Dec 31 Depreciation
7500
2013
6750
Jan 1 B/ce b/d
8750
Dec 31 Depreciation
15500
Disposal A/C
1000
Provision
3750
Bank
13750
0
2250
2250
2250
5250
7500
7500
8000
15500
6750
7000
13750
2011
2012
2013
2014
Motor A
16000X40% = 6400
9600X40% = 3840
5760X40% = 2304
3456X40% = 1382
2011
2012
2013
2014
Motor B
—
17000x40% x3/12 = 1700
15300x40% =
6120
9180x40%x1/2 =
1836
Provision 9654
Motor C
2011
2012
2013
2014
2011
Dec 31 B/ce c/d
—
—
—
16000x40%x8/12 = 4800
Provision For Depreciation a/c
₤
2011
6400
Jan 1 B/ce b/d
Dec 31 Depreciation or P&L
6400
2012
Dec 31 B/ce c/d
11940
0
6400
6400
2012
Jan 1 B/ce b/d
6400
Dec 31 Depreciation or P&L
5540
11940
2013
Dec 31 B/ce c/d
₤
11940
20364
2013
Jan 1 B/ce b/d
11940
Dec 31 Depreciation or P&L
20364
2014
₤
April 1 Disposal
9656
Dec 31 B/ce c/d
18726
20364
2014
₤
Jan 1 B/ce b/d
20364
Dec 31 Depreciation or P&L
28382
18726
Disposal a/c
17000
Provision
9656
New Motor van
6000
Loss on Disposal
1344
17000
17000
Balance Sheet Extract Dec 31 year 2014
Fixed Assets:
Motor Vans
Less Provision for Depreciation
8018
23382
2015
Jan 1 B/ce b/d
Motor Van
8424
32000
(18726)
13274