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Introduction to Financial Accounting

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Added on  2022-12-30

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This document provides an introduction to financial accounting, covering topics such as the statement of profit and loss, statement of changes in equity, statement of financial position, and statement of cash flows. It also includes information on control accounts and depreciation calculations. Suitable for students studying financial accounting.

Introduction to Financial Accounting

   Added on 2022-12-30

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Introduction to Financial Accounting
Introduction to Financial Accounting_1
Contents
Introduction to Financial Accounting..............................................................................................1
Section A..........................................................................................................................................3
Question 1........................................................................................................................................3
Section B..........................................................................................................................................6
Question 3........................................................................................................................................6
Question 4........................................................................................................................................7
Question 5........................................................................................................................................8
Introduction to Financial Accounting_2
Section A
Pax’s statement of profit or loss and other comprehensive income for the year ending 31 December
2019
Particulars Amount
Revenue From operations 180500
Other Income
Total Income
Expenses
Cost of Sales (104200+62000-48000) 118200
Distribution Costs (12000-3800) 8200
Administrative Expenses 21500
Depreciation on Plant and Equipment 7500
Depreciation on Buildings 1250
Amortisation of Licence 2000
Provision for Income Tax 7000
Interest Loan 750
Allowance for impairment of receivables 2080
Total Expenses 168480
Net Income before tax 12020
Income Tax 7000
Net Income available for income tax 5020
Dividend 2000
Net Income 3020
Question 1
Introduction to Financial Accounting_3

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