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FINANCIAL ACCOUNTING
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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WARRINGTON BOROUGH TRANSPORT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating profit Interest receivable and similar income Interest payable and similar expenses Profit before taxation Tax on profit Profit for the financial year Notes 3 4 7 8 9 2021 £ 9,735,619 (8,574,374) 1,161,245 (1,998,007) 945,604 108,842 2,576 (47,363) 64,055 (16,498) 47,557 The profit and loss account has been prepared on the basis that all operations are continuing operations. 2020 £ 10,406,654 (8,162,095) 2,244,559 (2,058,525) 186,034 1,669 (37,992) 149,711 (52,483) 97,228 AS AT 31 MARCH 2021 Fixed assets Goodwill Tangible assets Current assets Stocks Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Provisions for liabilities Deferred tax liability Net assets Capital and reserves Called up share capital Profit and loss reserves Total equity Notes 11 12 13 14 15 16 18 21 2021 £ 223,014 1,596,796 2,528,763 4,348,573 (3,048,007) 230,712 £ 4,662,889 4,662,889 1,300,566 5,963,455 (2,218,505) (230,712) 3,514,238 888,000 2,626,238 3,514,238 £ 2020 187,912 1,092,136 944,675 2,224,723 (1,569,609) 200,180 £ 20,825 5,150,680 5,171,505 655,114 5,826,619 (2,159,758) (200,180) 3,466,681 888,000 2,578,681 3,466,681 The financial statements were approved by the board of directors and authorised for issue on 1 December 2021 and are signed on
Transcribed Image Text:WARRINGTON BOROUGH TRANSPORT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2021 Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating profit Interest receivable and similar income Interest payable and similar expenses Profit before taxation Tax on profit Profit for the financial year Notes 3 4 7 8 9 2021 £ 9,735,619 (8,574,374) 1,161,245 (1,998,007) 945,604 108,842 2,576 (47,363) 64,055 (16,498) 47,557 The profit and loss account has been prepared on the basis that all operations are continuing operations. 2020 £ 10,406,654 (8,162,095) 2,244,559 (2,058,525) 186,034 1,669 (37,992) 149,711 (52,483) 97,228 AS AT 31 MARCH 2021 Fixed assets Goodwill Tangible assets Current assets Stocks Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Provisions for liabilities Deferred tax liability Net assets Capital and reserves Called up share capital Profit and loss reserves Total equity Notes 11 12 13 14 15 16 18 21 2021 £ 223,014 1,596,796 2,528,763 4,348,573 (3,048,007) 230,712 £ 4,662,889 4,662,889 1,300,566 5,963,455 (2,218,505) (230,712) 3,514,238 888,000 2,626,238 3,514,238 £ 2020 187,912 1,092,136 944,675 2,224,723 (1,569,609) 200,180 £ 20,825 5,150,680 5,171,505 655,114 5,826,619 (2,159,758) (200,180) 3,466,681 888,000 2,578,681 3,466,681 The financial statements were approved by the board of directors and authorised for issue on 1 December 2021 and are signed on
WARRINGTON BOROUGH TRANSPORT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021 Balance at 1 April 2019 Year ended 31 March 2020: Profit and total comprehensive income for the year Dividends Balance at 31 March 2020 Notes 10 Share capital Profit and loss reserves £ £ 888,000 2,506,453 97,228 (25,000) Total £ 3,394,453 97,228 (25,000) 888,000 2,578,681 3,466,681 A financial assessment of the business. Key ratios will need to be calculated, presented, and assessed appropriately. These should cover A. Analysis of the financial performance of the company (use at least 2 ratios) B. Analysis of the financial position of the company (use at least 2 ratios) C. Analysis of the solvency of the company (including at least 2 relevant financial ratios) D. Analysis of the profitability and efficiency of the company (including at least 2 relevant ratios) This is an assessment and so explain what the financial information is indicating.
Transcribed Image Text:WARRINGTON BOROUGH TRANSPORT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021 Balance at 1 April 2019 Year ended 31 March 2020: Profit and total comprehensive income for the year Dividends Balance at 31 March 2020 Notes 10 Share capital Profit and loss reserves £ £ 888,000 2,506,453 97,228 (25,000) Total £ 3,394,453 97,228 (25,000) 888,000 2,578,681 3,466,681 A financial assessment of the business. Key ratios will need to be calculated, presented, and assessed appropriately. These should cover A. Analysis of the financial performance of the company (use at least 2 ratios) B. Analysis of the financial position of the company (use at least 2 ratios) C. Analysis of the solvency of the company (including at least 2 relevant financial ratios) D. Analysis of the profitability and efficiency of the company (including at least 2 relevant ratios) This is an assessment and so explain what the financial information is indicating.
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