LT4001 Economics And Finance For The Service Sector | Assignment

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LT4001Economics and Finance for the Service SectorASSIGNMENT 3DATE 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 andreference to published works must be cited. Plagiarism constitutes an offenceand if discovered will render a student liable to the appropriate provisions ofthe 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 privatecompany run by Mr. and Mrs. Cameron organizing corporate events. MrCameron has asked you to prepare set of financial statements for the year ended31 December 2015 as soon as possible, as the previous financial controller hasleft the company.You manage to extract the following information from the records left by theprevious accountant:1
Trial Balance as at 31 December 2015DRCR£'000£'000Advertising25Bank248Creditors75Bank Loan60Bank Interest5Debtors415Directors salaries115Electricity38Insurance25Motor Vehicles:At Cost150Accumulated depreciation (at 1.1.2015)75Fixtures and FittingsAt Cost400Accumulated depreciation (at 1.1.2015)200Office expenses69£1 Ordinary share capital (issued and fullypaid)250Profit and loss account (at 1.1.2015)172Purchases2,775Rent93Rates28Sales3,873Stock (at 1.1.2015)176Wages and salaries143TOTAL47054705Additional Information:1.Stock at 31stDecember 20152.Valued at cost amounted to £14,0003.Depreciation is to be provided on both motor vehicle and fixtures andfittings 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 31stDecember 2015 amounted to £5,0006.Corporation tax based on the profits for the year of £ 65,000 is to beprovided.7.An ordinary dividend of 10p per share is proposed.2
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