logo

Accounting for Business Exam: Income Statement, Statement of Financial Position, Breakeven Analysis, Budgeting and Statement of Cash Flows

   

Added on  2023-06-18

5 Pages998 Words246 Views
ACCOUNTING FOR
BUSINESS EXAM

Section A
Question: 1
(A) Income Statement
£000 £000
Sales 800
Less:
COGS
Op. Stock 50
Purchase 300
Closing stock (40) (310)
Gross profit 490
Less: Expenses
Rates and insurance 59 (60 – 2 + 1)
General expenses 27
Energy bill 26 (25 + 1)
Audit fee 20 (15 + 5)
Director remuneration 50
Bad debts 1
Debenture interest 4 (1 + 3)
Interest on bank loan 3
Salaries and wages 150
Depreciation on machinery 9.6 (100 – 20 = 80 * 12%)
Depreciation on fixtures and
fittings
50 (200 * 25%) (399.6)
Profit before tax 90.4
Less: provision for taxation (20)
Profit after tax 70.4
Less: dividends (60)

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Accounting for Business: Break Even Analysis, Payback Period and NPV
|10
|1313
|453

Management Accounting: Itemised Income Statement, Breakeven Point Calculation, Comparative Profitability Analysis
|10
|1937
|264