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LT4001 Economics And Finance For The Service Sector | Assignment

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LT4001 Economics and Finance for the Service SectorASSIGNMENT 3 DATE OF SUBMISSION: 15/4/2016REQUIRED TO ANSWER ALL QUESTIONSAssessment Instructions1.Assignments should be word processed.2.Full bibliography.3.Your assignment must represent the work of individual students and reference to published works must be cited. Plagiarism constitutes an offenceand if discovered will render a student liable to the appropriate provisions of the university's examination regulations.Coursework Marking CriteriaThe grade awarded will reflect the following criteria:1.Depth of analysis.2.Clarity of expression.3.Coherence of presentation.4.Perception of points made.5.Reference to all literature sources used.
ACCOUNTING SECTIONPART AYou have been appointed Finance Director of Cameron Ltd, a small private company run by Mr. and Mrs. Cameron organizing corporate events. Mr Cameron has asked you to prepare set of financial statements for the year ended 31 December 2015 as soon as possible, as the previous financial controller has left the company.You manage to extract the following information from the records left by the previous accountant:1
Trial Balance as at 31 December 2015DRCR£'000£'000Advertising 25Bank 248Creditors 75Bank Loan 60Bank Interest 5Debtors 415Directors salaries 115Electricity 38Insurance 25Motor Vehicles:At Cost 150Accumulated depreciation (at 1.1.2015) 75Fixtures and FittingsAt Cost 400Accumulated depreciation (at 1.1.2015) 200Office expenses 69£1 Ordinary share capital (issued and fully paid) 250Profit and loss account (at 1.1.2015) 172Purchases 2,775Rent 93Rates 28Sales 3,873Stock (at 1.1.2015) 176Wages and salaries 143TOTAL47054705Additional Information:1.Stock at 31st December 20152.Valued at cost amounted to £14,0003.Depreciation is to be provided on both motor vehicle and fixtures and fittings at 20% and 25% respectively on cost.4.Provision is to be made for advertising fees of £10,000.5.Rent paid in advance at 31st December 2015 amounted to £5,0006.Corporation tax based on the profits for the year of £ 65,000 is to be provided.7.An ordinary dividend of 10p per share is proposed.2

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