Kindly help with the solution to the question attached Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the1st of October 2021.She is going to prepare accounts to 31st of September 2021. She contributed to the business with£10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month areas follows:2/10 Purchased furniture £5400 for sale on credit from Home Ltd4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid bycheque.5/10 Sold goods for £ 2800 and received the money via Bank account12/10 Paid in Cash £110 for repairing printer18/10 Part of furniture returned to Home Ltd £25021/10 The owner received rent £800 for flat and deposited it to the bank account23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the restremains on credit.23/10 Sold goods of £700 to David and received cash24/10 Bought a new Laptop for business use by issuing a cheque £170026/10 Paid the month's wages to the part-lime shopkeeper by cheque £82030/10 The owner rented an office place in a Business Park near the London on 1" October and paidrent by cheque £85031/10 The owner has also paid £ 1200 from the business bank account to book a hotel and fight inScotland for her holiday.31/10 £150 Cash received from Rayan.Required:a)Write double entry record the transactions in T-accountsb)Balance the accounts and bring down an opening balancec)Extract a Trial balance as at 31st October 2021d)Prepare an Income Statement for the period ended 31st October 2021 13 marksThe closing inventory is £ 320e)Prepare a Statement of Financial Position as at 31st October 2020f)Write a brief letter to Linda explaining what drawings are concerning small business andanswering her query concerning her holiday. a) According to the information available in Income and Financial position statements in Part A, calculatethe following ratios for Anne's business for October 2021Competitors AverageNet profit GrossprofitmarginAccounts receivable Accountspayablepaymentperiod27 DaysCurrent Acid testmarginratioratiocollection period16 Days28 DaysYear 20190.320.552.71.34Year 20200.280.562.61.3212DaysYear 20210.020.082.81.3826 Days17 Daysb. Assuming Anne's competitor's ratio averages are as stated above for month October of years 2019,2020 and 2021: Analyse her performance with reference to the ratios of October 2021 calculated incomparison to those of her competitor. Also, briefly explain the impact of Covid -19 outbreak on theaverage ratios (Maximum of 500 words).

The journal entries are prepared to record daily transactions of the business by debiting and…

Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the 1st of October 2021. She is going to prepare acounts to 31st of September 2021. She contributed to the business with £10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are as follows: 2/10 Purchased furniture £5400 for sale on credit from Home Ltd 4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid by cheque. 5/10 Sold goods for £ 2800 and received the money via Bank account 12/10 Paid in Cash £110 for repairing printer

Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the 1st of October 2021. She is going to prepare acounts to 31st of September 2021. She contributed to the business with £10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are as follows: 2/10 Purchased furniture £5400 for sale on credit from Home Ltd 4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid by cheque. 5/10 Sold goods for £ 2800 and received the money via Bank account 12/10 Paid in Cash £110 for repairing printer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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