←Ua33.0008.55085,00028,000Introduction to Business financeAccounting conventionsWeek 8 seminar exerciseQuestion 1From the following trial balance of Ursula, you are asked to draw up astatement of profit or loss for the year ended 31 March 2019 and a statementf financial position as at that date.DrCr££82,000SalesPurchasesInventory as at 1 April 2018PremisesEquipmentReturns inwards340Bank1,2805.600WagesInsurance390Advertising260Capital94.660Drawings11,800Returns outwards450Receivables6.5004,960PayablesRent1,350182.070 182,070Additional information:1) Inventory as at 31 March 2019 was valued at £10,6602) A provision for doubtful debt is to be created at 5% of receivables at the year-end.3) Accrued rent £3504) Insurance paid in advance £2505) Ursula provide depreciation on assets as follows: premises 10% and Equipmentis 20% on cost annually|||<V

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Description: ←Ua33.0008.55085,00028,000Introduction to Business financeAccounting conventionsWeek 8 seminar exerciseQuestion 1From the following trial balance of Ursula, you are asked to draw up astatement of profit or loss for the year ended 31 March 2019 and a

The income statement is one of a company’s core financial statements that are prepared to find out…

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Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of profit or loss for the year ended 31 March 2019 and a statement of financial position as at that date. Dr Cr £ £ 82,000 Sales Purchases Inventory as at 1 April 2018 33.000 8.550 Premises 85.000 Equipment 28,000 Returns inwards 340 Bank 1,280 Wages 5.600 Insurance 390 Advertising 260 94,660 Capital Drawings 11,800 Returns outwards 450 6.500 Receivables Payables Rent 4,960 1,350 182,070 182,070 Additional information: 1) Inventory as at 31 March 2019 was valued at £10,660 2) A provision for doubtful debt is to be created at 5% of receivables at the year- end. 3) Accrued rent £350 4) Insurance paid in advance £250 5) Ursula provide depreciation on assets as follows: premises 10% and Equipment is 20% on cost annually.

Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of profit or loss for the year ended 31 March 2019 and a statement of financial position as at that date. Dr Cr £ £ 82,000 Sales Purchases Inventory as at 1 April 2018 33.000 8.550 Premises 85.000 Equipment 28,000 Returns inwards 340 Bank 1,280 Wages 5.600 Insurance 390 Advertising 260 94,660 Capital Drawings 11,800 Returns outwards 450 6.500 Receivables Payables Rent 4,960 1,350 182,070 182,070 Additional information: 1) Inventory as at 31 March 2019 was valued at £10,660 2) A provision for doubtful debt is to be created at 5% of receivables at the year- end. 3) Accrued rent £350 4) Insurance paid in advance £250 5) Ursula provide depreciation on assets as follows: premises 10% and Equipment is 20% on cost annually.

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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