Income and expenditure account, Cost Accounting

Assignment Help:

The following is a summary of a cash book for the year ended 31 April 2012

Payments                              $              Receipts                                    $

Rent                                      625         bar sales                                    583

Rates                                     200         entrance fees                             60

Lighting                                  182         Members subscriptions                2, 220

Wages                                    760         Donations                                  350        

Printing and stationery             126

General expenses                    79

Creditors for bar purchases      430

Improvements to club house     388

Repairs                                   310

 

Additional information available from the records is as follows

                                                                                              31 April 2011       31April 2012

                                                                                               $                              $

Creditors for- wines and spirits                                                  190                         130

                            Printing                                                        12                           16

                            Wages                                                         27                           38

                            Lighting                                                        21                           37

                            Arrears of subscriptions                                89                           97

                            Subscriptions Paid in Advance                       45                           38

                            Bar Stock                                                    148                         123

                            Cash in hand                                               60                           72                         

                            Cash at bank                                                210

                            Premises                                                     7, 500

                            Fittings (net of depreciation)                          1, 740

 

Depreciation on fittings is to be provided at 10% on reducing balance.

 

Required:

a)      A combined cash/bank account for the year ended 31st April 2012 and

b)      An income and expenditure account for the year ended 31st April 2012, and  a statement of financial position as at that date.

 


Related Discussions:- Income and expenditure account

You should be willing to pay the worker , You are the manager of a firm tha...

You are the manager of a firm that sells output at a price of $40 per unit. You are interested in hiring a new worker who will increase your firm's output by 2,000 units per year.

Financial accounting, Financial Accounting It is the analysis, and rec...

Financial Accounting It is the analysis, and recording and classification of financial transactions and the ascertainment of how that information will be reported to the diffe

Receivables, In most situations this will be essential to grant credit to c...

In most situations this will be essential to grant credit to customers. It may be essential either due to competition or because of the custom of trade. Though, when we grant credi

Break-even chart, Break-Even Chart This is a diagrammatic presentation...

Break-Even Chart This is a diagrammatic presentation of the relationship among costs, prices, expenses and the sales volume. A break-even chart expresses revenue and expens

Student, i asking for start up

i asking for start up

Accounting for labour costs, Accounting for Labour costs We will conta...

Accounting for Labour costs We will contain an overview of accounting for labour costs as: a) Gross Earnings It is illustrated as item A that appears like a credit i

Depreciation (to be computed) by slm method, sabonis consmetics co. purchas...

sabonis consmetics co. purchased machinery on december 31,2011, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each dec 31. an as

Find the predetermined overhead rate, Forbes Company uses a predetermined o...

Forbes Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the company estimated manufac

Preparation of cash flow statement, To begin with, we require two successiv...

To begin with, we require two successive balance sheets and the operating statement or loss and profit account relating the two balance sheets. There are two ways wherein this s

Budgetary planning and control, Budgetary Planning and Control Budgeti...

Budgetary Planning and Control Budgeting refers to the process of quantifying the plans of an organization such as to enable it get its objectives in the defined duration.  Th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd