The profit earned by a business in 2022 was £72,500. The proprietor injected new capital of £8,000 during the year and withdrew goods for his private use which cost £2,200. If net assets at the beginning of 2022 were £101,700 what were the closing net assets? a) £25,000 b) £39,400 c) £168,400 d) £180.000
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- ASSETS Non-current assets Property, plant and equipment Land 3. 130,000 Equipment at cost Depreciation 10,000 9.000 139,000 (1,000) Current assets Inventories 6,000 3,000 200 Receivables Prepaid expenses: Water Rates 200 Cash 29.400 168.400 20.000 Total assets Equity and Liabilities Equity Original Capital (Owner's Capital) Retained profit 120,000 25.400 145,400 Liabilities Long-term liabilities Mortgage 10,200 Short-term liabilities Trade payables Accrued expenses: Rent Tax payable Total Equity and Liabilities 2,500 500 9.800 12.800 168.400Based on the following information what was Simmond’s profit for the year? During the year Simmond’s drawings were £6,000 and she introduced a further £2,000 capital 1 January 2021 31 December 2021 Assets £87,500 £106,200 Liabilities £65,300 £76,200 a) £7,800 b) £20,000c) £18,700 d) £11,800Fun Runners (Pty) Ltd incurred the following transactions during April 2022:1. Mr. Nike increased his capital contribution with R50 000.2. Stock to the value of R34 000 was purchased using the perpetual inventory system.3. Sell goods of R14 500 to Mrs. Fast on credit. The cost of the goods amounts to R10 000.4. Settle the telephone account, received last week, of R1 400.5. New takkies of R2 300 were sold to the primary school at cost. The school does not have a credit facility with Fun Runners (Pty) Ltd.6. Mr. Nike purchased a new delivery vehicle of R150 000 through bank financing with Pacing Bank Required:Record the transactions incurred by Fun Runners (Pty) Ltd, outlining the basic accounting equation and the general ledger accounts affected. Detailed in the following format:a + to indicate an increase; and – for a decrease on the accounts No Assets Equity Liability Account debited Account Credited
- Swish Ltd has the following results for the year ended 31 March 2020. £ Net loss per Accounts (Note (1)) (116,500) Interest receivable 3,500 Chargeable gain 44,500 Notes (1) Net loss is after charging: £ Depreciation 10,800 Entertaining customers 1,200 (2) All other expenses are allowable for corporation tax. (3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020. (4) Swish Ltd has…During 2018, Beta Ltd incurred expenses of £250 and earned a net profit of £50. Retained profits on 1 January 2018 stood at £70 and dividends declared and paid totalled £30. What were the revenues of Beta Ltd during 2018?The owner’s capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P24,000 in the business during the year and withdrew P8,000 for personal use. Net income for the year amounted to P47,800. How much is the owner’s capital of the business on September 30, 2021?
- The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional contribution during the year. Based on the Statement of Comprehensive Income, net income for the year was P355,000. How much should be reported as total assets in the statement of financial position? Accounts Payable Accounts Receivable Accrued Expenses Accumulated Depreciation Cash Inventory Investments Your answer 57,000 Mortgage Payable 65,000 Notes Payable 37,000 Notes Receivable 110,000 Owner, Capital 91,000 Prepaid Expenses 89,000 Property, Plant and Equipment 143,000 Unearned Revenue 400,000 130,000 283,000 ? 64,000 850,000 18,000The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment (carrying amount) 2020 £m 268 O a. (£87m) O b. (£84m) O c. (£76m) O d. (£65m) 2021 £m 343 During the year to 31 December 2021 the following transactions took place: 1. Interest received was £llm 2. Depreciation of plant and equipment during the year was £23m There were no disposals of non-current assets during the year. What was the appropriate figure for net cash from investing activities for reporting in the statement of cashflows for the year ending 31 December 2021?DIMAG Ltd, an unquoted trading company, which prepares accounts to 31 March. The draft accounting profits for the year ended 31 March 2024 are £365,300. The following items have been added or deducted in arriving at the draft accounting profit. Depreciation Bonuses Qualifying donation Exempt dividends received Bank interest receivable Notes Note £ 24,200 1 50,000 2 7,600 3 2,700 4,000 1 DIMAG Ltd totalling £50,000 were paid by the company in respect of the period, on 2 March 2025. These were the first bonuses paid by the company. 2 The qualifying donation of £7,600 in the accounts comprises of £6,600 paid during the accounting period and an accrual of £1,000 that the company had agreed to pay but was not paid until 10 July 2024. 3 Exempt dividends of £2,000 were received from unrelated UK companies and £700 received from an unrelated German company. In addition, the following items have not yet been included in the accounts: · Legal fees in relation to an issue of share capital…
- please question A and B is required. A company has the following results for the year to 31 March 2020: £ Adjusted trading profit, after deduction of capital allowances 360,284 Bank deposit interest (a/c opened 1 July 2019): Received 31 December 2019 9,957 Accrued to 31 March 2020 3,000 Dividend received in January 2020…Shane Sunland began a business, Sunland Company, on January 1, 2021, with an investment of $105,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $355,000 $200,000 2022 440,000 285,000 2023 535,000 310,000 Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a) 2021, assuming Shane Sunland's drawings were $50,000 for the year. b) 2022, assuming Shane Sunland's made an additional investment of $51,000 and had no drawings in 2022. c) 2023, assuming Shane Sunland's made an additional investment of $10,000 and his drawings were $40,000 for the year. Please explain for all questions, thank you.The following information relates to Jenga Ltd, a limited liability company, for the year ended 31 December 2021. Statement of Financial Position as at 31 December 2021 Additional information During the year additional non-current assets were purchased at a cost of £784,000 Non-current assets, which had been depreciated by £28,000 were sold for £14,000. There were no other disposals or purchases of non-current assets. Taxation paid totaled £1,386,000 The statement of profit or loss for the year ended 31 December 2021 included Depreciation charges £276,000 Finance costs £152,000 Taxation provision £380,000 Required: Prepare the statement of cash flows for Jenga Ltd for the year ended 31 December 2021 2. Assess the importance of a statement of cash flows to a limited company in accordance with International Accounting Standard (IAS) 7.