Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
MarmadukeMuffett once had a girlfriend who ran an antiques business in London'sKings Road. Ever since then, he has been hooked on the furniture trade and now runsMarmaduke'sMarvellous Mart, a furniture emporium in Riming-on-Sea specialising inantique and 'feature' furniture especially appealing to the tourists who frequent the resortin the summer months. He buys considerable stock from his cousin Albert's 'Spiderman'workshop - and indeed has invested £70,000 in Albert's company this year.
His bookkeeper has written up the books, extracted the trial balance and sent it togetherwith the additional information to George King FCCA, the accountant who acts forMarmaduke (as well as his cousin Albert) with a request to draw up the accounts quicklysince Marmaduke has made an appointment next week to see Roy Scot, his bankmanager, to review the overdraft limit.him out by preparing Marmaduke's profit and loss account for the year ended February28, 19X8 and his balance sheet on that day. George warns you that occasionallyMarmaduke's bookkeeper gets the trial balance a bit mixed up and to be careful aboutchecking it out.
George is, as usual, rushed off his feet, together with all his staff, and asks you to help
MARMADUKE'S MARVELLOUS MART: TRIAL BALANCE
at February 28, 19X8
Assets and Expenses
Liabilities, Capital and Income
£
Trade debtors
16,000
Trade creditors
18,000
Purchases
65,000
Invoiced sales
174,000
Opening stock at 1/3/X7
21,000
Loans from directors - repayable 28/2/Y3
27,000
Bank overdraft
28,000
Equipment and furnishings (cost)
25,000
Premises (cost)
100,000
Accumulated depn on equipment at 1/3/X7
15,000
Motor vehicles (cost)
34,000
Accumulated depn on vehicles at 1/3/X7
14,000
Share capital
70,000
Investment in Albert Muffett Limited
Directors' salaries
20,000
Shop salaries
12,000
Administration expense
6,000
Promotion expense
Interest paid to bank
2,000
Profit and loss account 1/3/X7
46,000
£ 392,000
£392,000
Additional information
You are required to:
a. list the adjustments needed to correct the trial balance.
b. prepare the profit and loss account and balance sheet in appropriate format for publication
Q. Evaluate Price Earnings Ratio? The P/E ratio is in general regarded as an important ratio for equity investors. The P/E for a company may be utilizing as a basis for compari
Question 1 Describe and differentiate the four (4) different Financial Statements. HINT : use examples of actual companies or transactions to illustrate your answer. Give
working with par value and common value and preferred value in accounting help
Cumulative and substitutional legacies and devises Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication
Q. Define Constant working capital? The supposition of constant working capital should be investigated. Net working capital is probable to increase in line with sales and so ad
Terms of Trade Doe Ltd must negotiate agreed terms of trade with its customers in order to encourage prompter payment. These terms of trade may tender discounts for early paymen
For this question you will use the dataset "murder.xls", which includes: • rate = Murder rate per 100,000 • convictions = Number of convictions divided by number of murders • execu
Trustees remuneration A trustee may not receive remuneration except: 1. By order of the court, if the trust is very onerous or the services of the trustee very valuable;
A of surat consigns goods to B of jaipur to be sold at or above invoice price.B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price reali
This is partly taken from a court case where one of my colleagues was a witness. Suppose that an employee is terminated without cause and that she sues the company for compensation
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd