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Financial Accounting: Income Statement, Statement of Financial Position, Assumptions, and Cash Flow Statement

   

Added on  2022-12-28

7 Pages761 Words51 Views
FINANCIAL ACCOUNTING
Financial Accounting: Income Statement, Statement of Financial Position, Assumptions, and Cash Flow Statement_1
TABLE OF CONTENTS
QUESTION 1...................................................................................................................................1
a) Income Statement for the year 2021........................................................................................1
b) Statement of Financial Position ..............................................................................................1
3. Identifying six assumptions, underlying preparation of the financial statements and explain
their meeting ...............................................................................................................................2
QUESTION 2...................................................................................................................................2
1) Cash flow statement for the year ended 31st March 2020......................................................2
2) Findings...................................................................................................................................3
REFERENCES................................................................................................................................5
Financial Accounting: Income Statement, Statement of Financial Position, Assumptions, and Cash Flow Statement_2
QUESTION 1
a) Income Statement for the year 2021
Income Statement
Sales 214000
Expenses
COGS 143000
Wages & Salaries 15000
Rent & Rates 7500
Audit and Accountancy 500
Advertising 900
Electricity 2800
Provision for electricity 200
Office expenses 5700
Insurance 1400
Directors remuneration 5500
Bank Interest 400
Depreciation
Fixtures & Fittings 8000
Motor vehicle 365
Net Profit 22735
b) Statement of Financial Position
Statement of Financial Position
ASSETS
Current Assets
Debtors 41350
Prepaid Insurance 300
Inventory 15000
Bank 1500
58150
Non Current Assets
Motor vehicle 3285
Fixtures and Fittings 16000
19285
TOTAL 77435
EQUITY AND LIABILITIES
Current Liabilities
PPE 26400
Payables 8900
1
Financial Accounting: Income Statement, Statement of Financial Position, Assumptions, and Cash Flow Statement_3

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