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Preparing-multiple-statements

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7 views

Preparing-multiple-statements

Uploaded by

amineissawi.com
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 5

4.

5 - Preparing multiple statements

You are the accountant for Sample Company Ltd. The following table (Table 1) is the balance sheet yo
Additional information regarding transactions activities during the year 20X4 is also given.
Prepare Income Statement, Balance Sheet Statement and Cash Flow statement as of 31 December 20

Balance Sheet 31 December, 20X3


Fixed Assets:

Net Current Assets


Current Assets:

Less Current Liabilities:

Total Assets less Current Liabilities


Less
Total

Capital & Reserves:

Total Capital and reserves


ultiple statements

nt for Sample Company Ltd. The following table (Table 1) is the balance sheet you prepared for the firm of last year (31 December 20X3).
regarding transactions activities during the year 20X4 is also given.
ment, Balance Sheet Statement and Cash Flow statement as of 31 December 20X4

Balance Sheet 31 December, 20X3


£ £
Building (at cost) 700,000
Land (at cost) 1,400,000
Equipment (at cost) 900,000
3,000,000
Less: Accumul'd deprec'n 360,000
Total Fixed Assets (net book value) 2,640,000

Materials & inventory 220,000


Account receivable 600,000
Cash 170,000
Total Current Assets 990,000

Creditors 200,000
Accrued Wages 50,000
Total Current Liabilities 250,000
Net Current Assets 740,000
Current Liabilities 3,380,000
Long-term loan 1,800,000
1,580,000

Ordinary share capital (£1 par value) 900,000


Share premium 300,000
Retained earnings 380,000
1,580,000
e firm of last year (31 December 20X3).

Additional Financial Transaction of the year

A piece of land with a cost of £600,000 was sold for £ 750,000 with cash
The firm purchased equipment with cash of £150,000
The firm issued new preference equity shares to purchase a building with a total vlaue of £300,000
The overall depreciation of fixed asset for the year was £120000

Total sales for the year was £3,250,000. The total cash collected from customers was £ 3,000,000 with £250,000 outsta
The firm purchased inventory £1,050,000 with cash, and a further £70,000 on credit
The closing stock of inventory on 31 December 20x4 was £180,000
The wages of employees incurred during year 20X4 was £450,000
The total cash payment for wages in 20X4 year was £480,000
Other operating expenses of £270,000 were all paid with cash
The company paid corporate tax of total £300,000 in cash
The company paid interest £100,000 in cash

The company repaid £ 900,000 of the bank loan (>1 year) with cash
The company issued new ordinary equity shares with a par value of £10,000 for £80,000 cash
The company paid dividends on equity shares of £50,000 with cash
The share premium for year 20X4 was £70,000
al vlaue of £300,000

rs was £ 3,000,000 with £250,000 outstanding

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