G
GRETL T
Guest
...cant work out sales??? Arthur is a sole owner of an electrical spares shop. He keeps minimal records. You are asked to prepare his accounts for the year ending 31 march 2002. You are told that all receipts have been banked with the exception of £11,000 which he has retained for his own use.
His assets and liabilities at 31 march 2001/2002 were:
Bank
Year 2001: 1500
Year 2002: 2000
Debtors
Year 2001: 9100
Year 2002: 9900
Rent paid in advanced
Year 2001: 100
Year 2002: 200
Stock
Year 2001: 4400
Year 2002: 5300
Expenses unpaid wages
Year 2001: 350
Year 2002: 440
Heating
year 2001: 135
Year 2002: 145
Creditors
Year 2001: 5215
Year 2002: 6205
Vehicle
year 2001: 9000
year 2002: 9000
Provision for depreciation
Year 2001: 900
year 2002:
Capital
Year 2001: 17500
Year 2002:
1, the vehicle is to be depreciated using the straight line method at 10% per annum; new fittings purchased during the year are also to be depreciated at 10% per annum.
2, Arthur took £100 worth of goods from stock for his personal use.
3, payments made during the year included:
Purchases of electrical goods 34000
Rent/rates 3000
Light/heat 805
Motor expenses 1150
New fittings 750
Wages 2000
Bank Charges 105
Prepare a bank account/ trading profit and loss and balance sheet.
Can anyone tell me how I begin as you can see there are not much receipts coming in to the bank and how do I calculate my sales for the profit and loss account. There are a lot of things that are confusing me about this
His assets and liabilities at 31 march 2001/2002 were:
Bank
Year 2001: 1500
Year 2002: 2000
Debtors
Year 2001: 9100
Year 2002: 9900
Rent paid in advanced
Year 2001: 100
Year 2002: 200
Stock
Year 2001: 4400
Year 2002: 5300
Expenses unpaid wages
Year 2001: 350
Year 2002: 440
Heating
year 2001: 135
Year 2002: 145
Creditors
Year 2001: 5215
Year 2002: 6205
Vehicle
year 2001: 9000
year 2002: 9000
Provision for depreciation
Year 2001: 900
year 2002:
Capital
Year 2001: 17500
Year 2002:
1, the vehicle is to be depreciated using the straight line method at 10% per annum; new fittings purchased during the year are also to be depreciated at 10% per annum.
2, Arthur took £100 worth of goods from stock for his personal use.
3, payments made during the year included:
Purchases of electrical goods 34000
Rent/rates 3000
Light/heat 805
Motor expenses 1150
New fittings 750
Wages 2000
Bank Charges 105
Prepare a bank account/ trading profit and loss and balance sheet.
Can anyone tell me how I begin as you can see there are not much receipts coming in to the bank and how do I calculate my sales for the profit and loss account. There are a lot of things that are confusing me about this