FINANCIAL PLANNING TOOLS (C.P5, C.M3 & C.D3)The following trial balance has been extracted by the bookkeeper at John Barclay at 31December 2019DR (£)CR (£)Opening Inventory63,084Purchases600,128Sales Revenue864,321Office expenses33,947Salaries122,611Rent paid25,000Printing expensesInterest paid1,0002,000Discount Allowed1,100Office equipment at costMachinery at cost23,25040,000Land and Building at cost207,785Sales ledger control (receivables)74,328Bank1,197Cash100CapitalDrawingsLoan from bank155,00021,710140,000Purchases ledger control(payables)52,919Value Added Tax5,0001,217,2401,217,240Closing inventory66,941Required:a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31stDecember 2019. C.P5b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31stDecember 2019. C.P5c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret(C.D3) any three ratios under the following categories: Profitability, Liquidity, andEfficiency ratios

Statement of profit & loss account shows all income and expenses of the business and at the end,…

The following trial balance has been extracted by the bookkeeper at John Barclay at 31* December 2019 DR (£) CR (£) Opening Inventory 63,084 Purchases 600,128 Sales Revemue 864,321 Office expenses Salaries Rent paid Printing expenses Interest paid 33,947 122,611 25,000 1,000 2,000 Discount Allowed 1,100 23,250 Office equipment at cost Machinery at cost Land and Building at cost 40,000 207,785 Sales ledger control (receivables) 74,328 Bank 1,197 Cash 100 Capital Drawings Loan from bank Purchases ledger control(payables) Value Added Tax 155,000 21,710 140,000 52,919 5,000 1,217,240 1,217,240 Closing inventory 66,941 Required: a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31st December 2019. C.P5 b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31st December 2019. C.P5 c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret (C.D3) any three ratios under the following categories: Profitability, Liquidity, and Efficiency ratios

The following trial balance has been extracted by the bookkeeper at John Barclay at 31* December 2019 DR (£) CR (£) Opening Inventory 63,084 Purchases 600,128 Sales Revemue 864,321 Office expenses Salaries Rent paid Printing expenses Interest paid 33,947 122,611 25,000 1,000 2,000 Discount Allowed 1,100 23,250 Office equipment at cost Machinery at cost Land and Building at cost 40,000 207,785 Sales ledger control (receivables) 74,328 Bank 1,197 Cash 100 Capital Drawings Loan from bank Purchases ledger control(payables) Value Added Tax 155,000 21,710 140,000 52,919 5,000 1,217,240 1,217,240 Closing inventory 66,941 Required: a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31st December 2019. C.P5 b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31st December 2019. C.P5 c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret (C.D3) any three ratios under the following categories: Profitability, Liquidity, and Efficiency ratios

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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Question

FINANCIAL PLANNING TOOLS (C.P5, C.M3 & C.D3)
The following trial balance has been extracted by the bookkeeper at John Barclay at 31December 2019
DR (£)
CR (£)
Opening Inventory
63,084
Purchases
600,128
Sales Revenue
864,321
Office expenses
33,947
Salaries
122,611
Rent paid
25,000
Printing expenses
Interest paid
1,000
2,000
Discount Allowed
1,100
Office equipment at cost
Machinery at cost
23,250
40,000
Land and Building at cost
207,785
Sales ledger control (receivables)
74,328
Bank
1,197
Cash
100
Capital
Drawings
Loan from bank
155,000
21,710
140,000
Purchases ledger control(payables)
52,919
Value Added Tax
5,000
1,217,240
1,217,240
Closing inventory
66,941
Required:
a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31st
December 2019. C.P5
b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31st
December 2019. C.P5
c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret
(C.D3) any three ratios under the following categories: Profitability, Liquidity, and
Efficiency ratios

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