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Course Work Q1

The document presents the financial statements for ABC Co. for the year ended December 31, 2024, including the statement of profit or loss and the statement of financial position. The profit for the year is reported as $856,854, with total assets amounting to $4,435,174. Additionally, LB Company’s cash book and bank reconciliation statement as of September 30, 2024, are included, showing an adjusted cash balance of $7,100.

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59 views6 pages

Course Work Q1

The document presents the financial statements for ABC Co. for the year ended December 31, 2024, including the statement of profit or loss and the statement of financial position. The profit for the year is reported as $856,854, with total assets amounting to $4,435,174. Additionally, LB Company’s cash book and bank reconciliation statement as of September 30, 2024, are included, showing an adjusted cash balance of $7,100.

Uploaded by

winky.mri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Q1

ABC Co.
The Statement of profit or loss for the year ended 31 December, 2024

Revenue
Less: sales returns

Less: Cost of good sold


Opening inventory
Purchase (4,560,000 - 150,000) 4,510,000.00
Less: purchase returns (16,400.00)

Closing inventory

Less: Expenses
Rent and rates
Dep'n on building (2,200,000 x 5%)
Dep'n on furniture and fittings (1,800,000 - 648,000) x 20%
Electricity
Salaries (466,980 + 56,300)
Advertising (93,396 - 23,000)
Telephone
Carriage outwards
Increased in allowance for doubtful debt (1,202,600 x 1% - 9,000)

Loan interest paid


Profit before tax
Profit tax expenses
Profit for the year
ed 31 December, 2024

$ $
8,787,789.00
(32,396.00)
8,755,393.00

900,467.00

4,493,600.00
(890,000.00)
4,504,067.00
4,251,326.00

1,287,900.00
110,000.00
230,400.00
379,659.00
523,280.00
70,396.00
234,596.00
241,215.00
3,026.00
(3,080,472.00)
1,170,854.00
(64,000.00)
1,106,854.00
(250,000.00)
856,854.00
ABC Co.
The Statement of Financial Position as at 31 December, 2024

Non-current assets $
Cost
Building 2,200,000.00
Furniture and fittings 1,800,000.00
4,000,000.00

Current assets
Inventory
Trade receivables 1,202,600.00
Less: Allowance for receivables (12,026.00)
Prepayments

Total assets

Equity and liabilities


Capital as at 1.1.2024
Profit for the year
Drawings

Long-term liabilities
8% loan

Current assets
Trade payables
Accrued charges
Bank overdraft
Tax payable

Total Equity and liabilities


Position as at 31 December, 2024

$ $
Accumulated dep'n Carrying amount
790,000.00 1,410,000.00
878,400.00 921,600.00
1,668,400.00 2,331,600.00

890,000.00

1,190,574.00
23,000.00
2,103,574.00

4,435,174.00

1,436,000.00
856,854.00
(200,000.00)
2,092,854.00

800,000.00

1,119,676.00
56,300.00
116,344.00
250,000.00
1,542,320.00

4,435,174.00
Q2
a. LB Company
Cash Book

Bank account in ledger


2024 $ 2024
30-Sep Balance b/f 5,459 30-Sep
30-Sep Account payable overstated 81 30-Sep
1,560
7,100

1-Oct Balance b/f 6,700

b.
LB Company
Bank reconciliation statement as at 30 September, 2024

Adjusted cash balance


Less: Uncredited deposit
Add: Outstanding cheques
Balance as per bank statement
$
Check printing charge 40
Return cheque 360
Balance c/f 6,700
7,100

30 September, 2024
$
6,700
(5,700)
6,000
7,000

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