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    Financial Accounting Assignment 1

    Uploaded by

    jacklog600

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Financial Accounting Assignment 1

    Uploaded by

    jacklog600
    18 views4 pages

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views4 pages

    Financial Accounting Assignment 1

    Uploaded by

    jacklog600

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Financial Accounting Assignment 1.

    Due date : 10/05/2024

    Question 1

    The following Trial balance has been extracted from the books of Perkins, a sole trader, as at 31
    March 2022

    $ $

    Premises 60 000

    Plant and Machinery 12 000

    Sales 104 000

    Sales returns 3 700

    Purchases 59 000

    Purchases Returns 2 550

    Stock at 1 April 2021 6 000

    Wages 13 000

    Rent payable 2 000

    Rent receivable 1 800

    Heating and lighting 2 700

    Repairs to Machinery 4 100

    Interest on Loan 750


    Discount Allowed 1 030

    Discount Received 770

    Trade debtors 1 624

    Trade creditors 1 880

    Bank 5 000

    Drawings 10 096

    Long-term loan 15 000

    Capital 55 000

    181 000 181 000

    Stock as at 31 March 2022 was $10 000.

    REQUIRED

    i. Prepare Perkin’s Trading and Profit and Loss Account for the year ended 31 March
    2022 [ 10 marks]
    ii. Prepare Perkin’s statement of financial position as at 31 March 2022
    [ 15 marks ]
    Question 2

    The following transaction balances have been extracted from the books of Makeit Ltd at 31 31
    December 2022.

    $000

    Stocks at 1 January 2022

    Direct materials 10

    Work in progress 38

    Finished goods 40

    Purchases (Direct materials) 140

    Carriage inwards 24

    Direct wages 222

    Direct expenses (patent royalties) 46

    Indirect materials 45

    Indirect Labour 72

    Rent: Factory 100

    Offices 90

    Heating, lighting and power: Factory 45

    Offices 35

    Sales 1300

    Administration salaries and wages 173

    Further information

    1) Stock at 31 December 2022 was as follows.


    $000
    Direct material 18
    Work in progress 20
    Finished goods 60
    2) Depreciation is to be provided on Fixed Assets as follows:
    $000
    Factory building 20
    Factory machinery 36
    Office equipment 24
    3) Factory profit is to be calculated at 15% on cost of production

    REQUIRED
    Prepare the Manufacturing Trading and Profit and Loss Account for the year ended
    31 December 2022
    [ 25 marks]

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