CASH AND BANK ACCOUNTS

Cash and Bank Accounts

Accounting Independent Assignment

Ans1)

Sam Cooper

Closing Balance at 31st March

Old Balance

 

Dr

Cr

Capital

2,176,500 2,176,500

11% loan (10 years)

4,200,000 4,200,000

Land at cost

2,500,000 2,500,000

 

property at cost

4,000,000 4,000,000

 

Dep on property

480,000 480,000

Plant and Equip

2,600,000 2,600,000

 

Dep in plan and equip

772,000 772,000

motor vehicle

70,000 70,000

 

Dep on motor

30,000 30,000

inventory as at 1st April 2011

375,000 300,000

 

payables

790,000 790,000

bank(overdraft)

28,000 28,000

sales

8,576,000 8,576,000

purchases

5,616,000 5,616,000

 

maintenances and cleaning

180,000 180,000

 

heating and lighting

130,000 130,000

 

Insurance

99,000 99,000

 

Salaries and wages

625,000 625,000

 

Administration exp

70,000 70,000

 

Advertizing

25,000 25,000

 

Distribution costs

18,000 18,000

 

Suspension account

25,500 25,500

 

Allowance for rec

55,000 55,000

Receivables

?

849000

 

 

 

 

17,107,500 17,107,500

Sam Cooper

Trial Balance

For the year ended at 31st March

 

 

Particulars

Dr Cr

 

 

Capital

2,176,500

11% loan (10 years)

4,200,000

Interest Expense

462,000

 

Interest Payable

462,000

Land at cost

2,500,000

 

Property at Cost

4,000,000

 

Accumulated Depreciation: Property

560,000

Depreciation Expense: Property

80000

 

Plant & Equipment

2,570,000

 

Accumulated Depreciation: Plant & Machinery

1,032,000

Depreciation Expense: Plant & Machinery

260000

 

Motor Vehicle

70,000

 

Accumulated Depreciation: Motor Vehicle

40,000

Depreciation Expense: Motor Vehicle

10000

 

Closing Inventory

250,000

 

Payables

790,000

Bank(Overdraft)

28,000

Sales

8,576,000

Purchases

5,616,000

 

maintenances and cleaning

165,000

 

Prepaid Maintenance

15,000

 

Heating and Lighting Cost

139,000

 

Heat & Light Payable

9000

Insurance

99,000

 

Salaries and wages

625,000

 

Administration exp

70,000

 

advertising

31,250

 

Distribution Costs

18,000

 

Suspension account

13,000

allowance for rec

41775

Receivables

835,050

 

Fuel Expense

10000

 

Fuel Payable

10000

Office Stationery

6250

 

Cash

38000

 

Bad Debt Expense

26,725

 

Gain on Sale of Equipment

8000

Loss on Revaluation

50000

 

Total

17946275

17946275

Sam Cooper

Cost of Goods sold

For the year ended at 31st March

Sales

 

8,576,000

less: cost of Goods sold

 

 

Merchandise inventory opening

375000

 

Add: Purchases

5616000

 

Less merchandise inventory

250000

 

Cost of goods sold

5741000

 

Gross profit

 

2,835,000

Less Operating Expenses

 

 

Depreciation Expense: Property

80000

 

Depreciation Expense: Plant & Machinery

260000

 

Accumulated Depreciation: Motor Vehicle

10000

 

maintenances and cleaning

165000

 

Heating and Lighting Cost

139000

 

Insurance

99000

 

Salaries and wages

625000

 

Administration exp

70000

 

Advertising

31250

 

Bad debts expense

26725

 

Distribution Costs

18000

 

Fuel Expense

10000

 

Office Stationery

6250

 

Loss on Revaluation

50000

 

Gain on sale ...