Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
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1 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1 1. Porter started a retail business on 1 January The following figures were extracted from his books on 31 December $ Capital 129,870 Building at cost 120,000 Office equipment at cost 60,000 Heat and light 300 Wages and salaries 5,000 Donations to SPCA 100 Accumulated depreciation fixtures and fittings 10,000 Rent received 2,200 Stock 46,150 Loan from Mr. Ip 50,000 Sales 136,587 Machinery at cost 86,000 Accumulated depreciation buildings 90,000 Discounts allowed 23 Debtors 1,250 Cash in hand 180 Accumulated depreciation office equipment 28,680 Office furniture at cost 30,000 Cash at bank 5,580 Creditors 3,350 Returns outwards 69 Staff travel expenses 163 Carriage inwards 85 Drawings 100 Discounts received 326 Fixtures and fittings at cost 25,000 Lorry at net book value 31,744 Accumulated depreciation machinery 26,571 Returns inwards 56 Carriage outwards 78 Purchases 66,524 Office rent and rates 1,300 Stationery and printing 20 Advertising expenses 16,000 Accumulated depreciation office furniture 18,000
2 Additional information: (i) Stock as at 31 December 2010 amounted to $95, / F.4 BAFS / HA11 / P.2 (ii) Depreciation schedule of the fixed assets is as follows: Fixtures and fittings 10% on cost Lorry 25% on net book value Buildings 5% on cost Office equipment 20% on net book value Office furniture 15% on cost Machinery 15% on net book value A full year s depreciation was charged in the year of acquisition but none in the year of disposal. No depreciation had been recorded this year. (iii) On 11 November 2010, one of the machinery (cost: $9,600; accumulated depreciation: $4,589) was sold for $2,000 in cash. No record had yet been made. (iv) On 15 December 2010, one of the office equipment purchased on 1 January 2007 at $10,000 was sold for $3,000 in cash. $200 repairs expense had been incurred before disposal. No record had yet been made. Required (a) Prepare the following for the year ended 31 December 2010: (i) Machinery account (ii) Accumulated depreciation machinery account (iii) Disposal of machinery account (b) Prepare the income statement for the year ended 31 December (c) Prepare the balance sheet as at 31 December 2010.
3 / F.4 BAFS / HA11 / P.3 2. The following trial balance was extracted from the books of Rose Tang as at 31 December 2010: Dr Cr $ $ Purchases and sales 12,365 52,160 Accounts receivable and accounts payable 12,600 3,373 Returns Discounts Carriage outwards 48 Carriage inwards 200 Cash in hand 620 Stationery 130 Machinery at net book value 12,458 Cash at bank 3,500 Bank loan (repayable in 10 years) 50,000 Loan interest 500 Accumulated depreciation Building 9,000 Fixtures and fittings at cost 2,550 Stock 34,679 Wages and salaries 3,500 Office equipment at cost 9,256 Insurance 3,600 Rent and rates 1,500 Office furniture at cost 3,389 Bad debts 240 Electricity 540 Allowance for doubtful accounts 431 Bank services charge 20 Capital 159,408 Commissions received 300 Drawings 500 General expenses 336 Land at cost 120,000 Buildings at cost 60,000 Accumulated depreciation Office furniture 2,513 Accumulated depreciation Office equipment 4,368 Accumulated depreciation Fixtures and fittings , ,619 Additional information: (i) Inventory as at 31 December 2010 was valued at $36,884. (ii) Accruals wages and salaries, $700; rent and rates, $750; electricity, $60 (iii) Prepayment commissions received $70 (iv) Allowance for doubtful accounts was 4% on the remaining debtors balance. (v) Bad debts recovered amounted to $400. Out of this amount, $50 was written off as bad debts this year. All debts were settled by cheque. No entry has been made.
4 / F.4 BAFS / HA11 / P.4 (vi) Bad debts amounting to $100 has not yet been recorded in the books. (vii) During 2010, one of the debtors owing the firm $200, had financial difficulty. The firm decided to make a specific provision for that amount in full. (viii)this year, the owner withdrew stock $180 and cash $125 from bank. No record was made for the above transactions. (ix) Depreciation on the non-current assets are as follows: Buildings Straight line method 5% Office furniture Straight line method 10% Fixtures and fittings Straight line method 15% Office equipment Reducing balance method 20% Machinery Reducing balance method 25% According to the company s policy, a full year depreciation will be made at the acquisition and none at the disposal. (x) Computer which was bought on 17 November 2007 by cheque $5,300 was disposed on 11 February 2010 for $3,000 in cash. No entry had been made. (xi) The owner further introduced fixtures and fittings $1,500 into the business. Also, he bought office furniture $3,000 on credit for the business purpose. No record was made for the above transactions. (xii) An office furniture costing $500 was found to be fully depreciated as at 1 January (xiii)insurance $3,600 had been paid for the 18 months ended 30 June (xiv) Loan interest for the year amounted to 2% of the sum borrowed. (xv) One-fifth of rent and rates were private expenses incurred by Rose Tang. Required: Draw up an income statement for the year ended 31 December 2010 and a balance sheet as at that date.
5 / F.4 BAFS / HA11 / P.5 Solution to HA11 Q1 (a)(i) Machinery 2010 $ 2010 $ Jan 1 Bal b/d 86,000 Nov 11 Disposal of 9,600 machinery Mar 31 Bal c/d 76,400 86,000 86,000 (ii) Accumulated depreciation Machinery 2010 $ 2010 $ Nov 11 Disposal of machinery 4,589 Jan 1 Bal b/d 26,571 Dec 31 Bal c/d 30,145 Dec 31 Profit and loss (W1) 8,163 34,734 34,734 W1: Depreciation expenses of machinery for the year ended 31 December 2010 = [(86,000 9,600) (26,571 4,589)] 15% = $8,163 (iii) Disposal of machinery 2005 $ 2005 $ Nov 11 Machinery 9,600 Nov 11 Accumulated 4,589 depreciation Nov 11 Cash 2,000 Dec 31 Profit and loss loss on 3,011 disposal of machinery 9,600 9,600
6 (b) / F.4 BAFS / HA11 / P.6 Porter Income statement for the year ended 31 December 2010 $ $ $ Sales 136,587 Less: Returns inwards 56 Less: Cost of goods sold Opening inventory 46,150 Add: Purchases 66,524 Less: Returns outwards 69 66,455 Carriage inwards , ,531 Less: Closing inventory 95,120 17,570 Gross profit 118,961 Add: Other revenues Discounts received 326 Rent received 2,200 2,526 Less: Expenses Heat and light 300 Wages and salaries 5,000 Donations to SPCA 100 Discounts allowed 23 Staff travelling expenses 163 Carriage outwards 78 Office rent and rates 1,300 Stationery and printing 20 Advertising expenses 16,000 Loss on disposal of machinery 3,011 Loss on disposal of office equipment 2,320 Depreciation expenses Fixtures and fittings (25,000 10%) 2,500 Lorry (31,744 25%) 7,936 Buildings (120,000 5%) 6,000 Office equipment (W2) 5,240 Office furniture (30,000 15%) 4, ,487 Machinery [From(a)(ii)] 8,163 62,654 Net profit 58,833 W2: [(60,000 10,000) (28,680 4,880)] 20% = $5,240
7 (c) Porter Balance sheet as at 31 December 2010 Cost / F.4 BAFS / HA11 / P.7 Accumulated depreciation Net book Non-current assets $ $ $ value Buildings 120,000 96,000 24,000 Office furniture 30,000 22,500 7,500 Fixtures and fittings 25,000 12,500 12,500 Machinery 76,400 30,145 46,255 Office equipment 50,000 29,040 20, , , ,215 Lorry 23,808 Current assets Inventory 95,120 Accounts receivable 1,250 Bank 5,580 Cash ( , , ) 4,980 Less: Current liabilities 106,930 Accounts payable 3, ,023 Net current assets 103, ,603 Financed by: Capital Balance as at 1 January ,870 Add: Net profit for the year 58, ,703 Less: Drawings ,603 Non-current liabilities Loan from Mr. Ip 50, ,603
8 Q / F.4 BAFS / HA11 / P.8 Rose Tang Income statement for the year ended 31 December 2010 $ $ $ Sales Less: Returns inwards 37 Less: Cost of goods sold Opening inventory 34,679 Add: Purchases (12, ) 12,185 Less: Returns outwards 36 12,149 Carriage inwards ,028 52,123 Less: Closing inventory 36,884 10,144 Gross profit 41,979 Add: Other revenues Gain on disposal of office equipment (W1) 286 Bad debts recovered 350 Discounts received 262 Commissions received (300 70) 230 1,128 Less: Expenses Discounts allowed 51 Carriage outwards 48 Stationery 130 Loan interest (50,000 2%) 1,000 Wages and salaries (3, ) 4,200 Insurance (3,600 1,200) 2,400 Rent and rates (1, ) 1,800 Bad debts ( ) 290 Electricity ( ) 600 Bank services charge 20 General expenses 336 Increase in allowance for doubtful accounts (W2) 261 Depreciation expenses Buildings (60,000 5%) 3,000 Office furniture [(3, , ) 10%] 589 Fixtures and fittings [(2,550+1,500) 15%] 608 Office equipment (W1) ,107 Machinery (12,458 25%) 3,115 18,883 Net profit 24,224
9 Rose Tang Balance sheet as at 31 December 2010 Cost / F.4 BAFS / HA11 / P.9 Accumulated depreciation Net book Non-current assets $ $ $ value Land 120, ,000 Buildings 60,000 12,000 48,000 Office furniture 6,389 3,102 3,287 Fixtures and fittings 4,050 1,376 2,674 Office equipment 3,956 2,217 1, ,395 18, ,700 Machinery 9,343 Current assets Inventory 36,884 Accounts receivable (12, ) 12,500 Less: Allowance for doubtful accounts (W2) ,808 Prepaid expenses (3,600 6/18) 1,200 Bank (3, ) 3,775 Cash ( ,000) 3,620 Less: Current liabilities Accounts payable 3,373 Accrued expenses ( ) 2,010 Prepaid revenues 70 57,287 Other payables 3,000 8, ,043 Net current assets 48, ,877 Financed by: Capital Balance as at 1 January ,408 Add: Net profit for the year 24,224 Further introduction 1,500 25, ,132 Less: Drawings ( ) 1, ,877 Non-current liabilities Bank loan 50, ,877
10 (W1) Net book value of office equipment disposed on 11 Feb 2010 = 5,300 (1 20%) 3 =$2, / F.4 BAFS / HA11 / P.10 Accumulated depreciation of office equipment disposed on 11 Feb 2010 = 5,300 2,714 =$2,586 Gain on disposal of office equipment = 3,000 2,714 =$286 Depreciation expenses for the office equipment for the year ended 31 December 2010 = [(9,256 5,300) (4,368 2,586)] 20% =$435 (W2) Allowance for doubtful accounts as at 31 December 2010 = (12, ) 4% = $692 Decrease in allowance for doubtful accounts = =$261
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