Finance Online Exam: Income Statement, Balance Sheet, Budgeting

   

Added on  2023-06-18

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Finance[online exam]
Finance Online Exam: Income Statement, Balance Sheet, Budgeting_1
TABLE OF CONTENTS
SECTION A.....................................................................................................................................3
SECTION B.....................................................................................................................................4
Question 3...................................................................................................................................4
Question 4...................................................................................................................................6
REFERENCES................................................................................................................................8
Finance Online Exam: Income Statement, Balance Sheet, Budgeting_2
SECTION A
Question 1
A. Income statement
Particulars Amount
Sales 800
Less: COGS
Opening stock 50
Purchases 300
Closing stock 40
310
Gross profit 490
Less
Rates and insurance 60
General expenses 27
Energy bills 25
Audit fee 15
Directors remuneration 50
Debenture interest
Salaries and wages 150
Depreciation 70
397
Profit before interest and tax 93
Interest on bank loan 3
Tax 20
profit after tax 70
b. balance sheet
Particular
Land and building 400
Machinery 100
Less: depreciation 20 80
Fixtures and fittings 200
Less: depreciation 50 150
Receivables 86
Less; bad debt 1 85
Finance Online Exam: Income Statement, Balance Sheet, Budgeting_3

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