ΤΑΚΤΟΠΟΙΗΣΗ ΕΣΟΔΩΝ ΚΑΙ ΕΞΟΔΩΝ (3.1) The following balances were part of the trial balance of B.Barney on 31 December 2015: You are given the following information: Inventory on 31 December 2015 is 13.140 Items prepaid: rates 180; computer expenses 160 Items owing: wages 650; lighting expenses 185 Required: (a) Prepare B.Barney s Income Statement for the year ended 31 December 2015 (b) Prepare the balance sheet extract as at 31 December 2015 showing clearly the current assets and current liabilities
ΑΠΑΝΤΗΣΗ B.Barney s Income Statement for the year ended 31 Sales 55.450 Less Sales Returns 340 55.110 Less Cost of Sales Opening Inventory 8.900 Purchases 32.220 41.120 Less Closing Inventory 13.140 27.980 Gross Profit 27.130 Less Expenses: Wages and Salaries (5.350+650) 6.000 Motor Expenses 2.780 Rent and Rates (2.230-180) 2.050 Discount Allowed 320 Lighting Expenses (390+185) 575 Computer running Expenses (1.370-160) 1.210 General Expenses 290 13.225 December 2015
Net Profit 13.905 Statement of Financial Position (extract) as at 31 December 2015 CURRENT ASSETS Inventory 13.140 Prepaid rates 180 Prepaid computer expenses 160 Total Assets CURRENT LIABILITIES Accrued wages 650 Accrued lighting 185
CAPITAL AND REVENUE EXPENDITURE (3.2) Proton Engineering Company extracted the following information from their financial records: YOU ARE REQUIRED TO: State whether each of the items listed above are capital or revenue expenditure and state how much the company has spent on each category for the year. ANSWER CAPITAL EXPENDITURE () REVENUE EXPENDITURE () a) Revenue Expenditure 411 b) Capital Expenditure 18.000 c) Capital Expenditure 5.200 d) Capital Expenditure 200 e) Revenue Expenditure 2.100 Capital Expenditure 1.800 f) Revenue Expenditure 45.000 Capital Expenditure 20.000 TOTAL CAPITAL/REVENUE EXPENDITURE 45.200 47.511
(a) Στοιχεία μη κυκλοφοριακού Ενεργητικού και η απόσβεση τους (3.3) Felix started a small transport business on 1 January year 1. It was decided that the financial year would end on 31 December each year. On the first day of trading the business purchased a Motor Vehicle (A) for 24.000 cash. Felix used the following policies for depreciation: In the year of purchase vehicles would have the following charge: Full year s charge if purchased in the first half of the year Half year s charge if purchased in the second half of the year. No Depreciation is to be charged in the year of sale. Motor Vehicles are assumed to have a useful life of 4 years. The following transactions took place in respect of a Motor Vehicles for Felix s business: Year 2 Purchases: 1 March Motor Vehicle (B) 28.000 1 October Motor Vehicle (C) 32.000 Year 3 Purchases: 1 May Motor Vehicle (D) 40.000 Sales 1 November: Motor Vehicle (A) 16.000 All the above transactions were made by cheque. REQUIRED: (a) Prepare the following accounts for the year 1, year 2, and year 3: (i) Motor Vehicle (ii) Accumulated depreciation on Motor Vehicles (iii) Motor Vehicle Disposal (b) The relevant extracts from the Statement of Financial Position as at 31 December year 2 and year 3. ANSWER Felix Motor Vehicle Account Year 1 Year 1 Jan. 1 Bank (A) 24.000 Dec. 31 Balance c/d 24.000 Year 2 Year 2 Jan. 1 Balance b/d 24.000 Dec. 31 Balance c/d 84.000 Mar. 1 Bank (B) 28.000 Oct. 1 Bank (C) 32.000 84.000 Year 3 Year 3 Jan. 1 Balance b/d 84.000 Dec. 31 Disposal (A) 24.000
May. 1 Bank (D) 40.000 Dec. 31 Balance c/d 100.000 124.000 124.000 Year4 Jan. 1 Balance b/d 100.000 (b) Accumulated Depreciation of Motor Vehicle Account Year 1 Year 1 Dec. 31 Balance c/d 6.000 Dec. 31 Depreciation (W1) 6.000 Year 2 Year 2 Dec. 31 Balance c/d 23.000 Jan. 1 Balance b/d 6.000 Dec. 31 Depreciation (W3) 17.000 23.000 23.000 Year 3 Year 3 Nov. 1 Motor Vehicle 12.000 Jan. 1 Balance b/d 23.000 Dec. 31 Balance c/d 36.000 Dec. 31 Depreciation (W4) 25.000 48.000 48.000 Year 4 Jan. 1 Balance b/d 46.000 (a) Motor Vehicle Disposal Account Year 3 Year 3 Nov. 1 Motor Vehicle (A) 24.000 Nov. 1 Accumulated dep n (W3) 12.000 Nov. 1 Profit on Disposal 4.000 Nov. 1 Loss on Disposal 16.000 28.000 28.000 Statement of Financial Position (extract) as at 31 December Cost Year 2 Year 3 Accum. Dep n Net book value Cost Accum. Dep n Net book value NON-CURRENT ASSETS YEAR 2 Plant and Machinery 84.000 23.000 61.000 100.000 41.000 59.000 YEAR 3 Plant and Machinery 100.000 41.000 59.000
Workings: Annual Depreciation of Motor Vehicle: cost residual value Annual Depreciation = working life 1. Year 1: (Depreciation) 24.000 4 2. Year 2: (Depreciation) 24.000 4 = 6.000 x 12/12 = 6.000 28.000 4 32.000 4 x 12/12 = 7.000 x 6/12 = 4.000 17.000 1. Year 2: (Disposal) 24.000/4 x 24/12 = 12.000 2. Year 3: (Depreciation) 84.000 24.000 = 80.000/4 = 20.000 40.000/4 = 10.000 30.000 W2=52000/4=13000+32000/4=8000X6/12=4000=17000 W3=24000X24/12=48000/4=12000 W4=84000-24000=60000/4=15000 40000/4= 10000 ========= 25000
Επισφαλείς χρεώστες και προβλέψεις για επισφαλείς χρεώστες / Irrecoverable debts and allowances for receivables. (3.4) The following balances were part of Ronaldo s Trial Balance on 31 December 2015 You are given the following information: Inventory at 31 December 2015 is 25.600 Accrued wages 560 Telephone prepaid 18 Allowance for irrecoverable debts to be increased to 10% of trade receivables Depreciation on stores fittings 865, and motor van 3.120. Required: (a) Prepare Ronaldo s Income Statement for the year ended 31 December 2015 b) Prepare Statement of Financial Position as at 31 December 2015
ANSWER Statement of Financial Position as at 31 December 2015 COST ACCUM. NET BOOK NON-CURRENT ASSETS DEP N VALUE Shop Fittings 8.650 865 7.785 Motor Van 15.600 3.120 12.480 CURRENT ASSETS 24.250 3.985 20.265 Inventory 25.600 Trade Receivables 2.142 (2.380 238) Prepaid telephone 18 Bank 880 28.640 Total Assets 48.905 CAPITAL & LIABILITIES Sales 98.000 Less Sales Returns 1.200 96.800 Less Cost of Sales Opening Inventory 25.000 Purchases 85.450 Less Purchases Returns 1.260 84.190 109.190 Less Closing Inventory 25.600 83.590 Gross Profit 13.210 Less Expenses: Wages and Salaries (7.650 + 560) 8.210 Telephone (365 18) 347 Irrecoverable debts 85 Allowance for Receivables (2.380 x 10%) - 190 48 Depreciation: Store Fittings 865 Motor Van 3.120 12.675 Net Profit 535
Capital at start 49.340 Add Net Profit 535 49.875 Less Drawings 2.780 47.095 CURRENT LIABILITIES Trade Payables 1.250 Accrued Wages 560 1.810 Total Capital and Liabilities 48.905 Προσαρμοσμένο Ισοζύγιο / Adjusted Trial Balance (3.5) The following Trial Balance was extracted from the books of A. Lambros, a sole trader on 31 December 2016: Notes: (a) The following expenses were due on 31 December 2016: Rent 850 Salaries 1.750. (b) The following items were prepaid on 31 December. 2016: Wages 870 Advertisement 250.
(c) Interest of 150 was due to A Lambros and commission of 320 was received by him in advance for 2017. REQUIRED: Prepare the: a. Income Statement for the year ended 31 December 2016 b. Statement of Financial Position at 31 December 2016. ANSWER Optional A. Lambros Income Statement for the year ended 31 December 2016 GROSS PROFIT 48.500 Add: Interest income (550 + 150) 700 Commission income(4.200-320) 3.880 4.580 Less: Expenses Rent (12.550 + 850) 13.400 Advertisement (1.450-250) 1.200 Salaries & Wages (16.500 + 1.750-870) 17.380 53.080 Office expenses 2.240 34.220 Net profit 18.860 Adjusted Trial Balance of A. Lambros as at 31 December 2016 Capital 78.840 Inventory (31.12. 2015) 12.250 Gross Profit 48.500 Receivables Payables 26.500 25.400 Rent (12.550 + 850) 13.400 Advertisement (1.450-250) 1.200 Salaries & Wages (16.500 + 1.750-870) 17.380 Interest income (550 + 150) 700 Dr Cr
Office Expenses 2.240 Commission income (4.200-320) 3.880 Motor Vans 32.200 Machinery 33.500 Furniture 5.400 Bank 3.300 Bank deposit 10.000 Cash 1.600 Accrued Rent 850 Accrued Salaries 1.750 Prepaid Wages 870 Prepaid advertisement 250 Interest income due 150 Commission received prepaid 320 160.240 160.240 A.Lambros Statement of Financial Position as at 31 December 2017 COST ACCUMUL. DEP N NET BOOK VALUE Non-current assets Machinery 33.500 33.500 Furniture 5.400-5.400 Motor Vans 32.200-32.200 Current assets 71.100-71.100 Inventory 12.250 Trade receivables 26.500 Prepaid Wages 870 Prepaid advertisement 250 Interest income due 150
Bank 3.300 Bank deposit 10.000 Cash 1.600 54.920 Total Assets 126.020 Capital & Liabilities Capital at 78.840 Add: Net Profit 18.860 97.700 Current liabilities Trade payables 25.400 Accrued Rent 850 Accrued Salaries 1.750 Commission income prepaid 320 28.320 Total capital & liabilities 126.020 Dec 31 Rent expense 850 Accrued Rent 850 WORKINGS (OPTIONAL)
Dec 31 Salaries & Wages expenses 1.750 Accrued Salaries 1.750 Dec 31 Prepaid Wages 870 Salaries & Wages expenses 870 Dec 31 Prepaid advertisement 250 Advertisement expense 250 Dec 31 Interest income due 150 Interest income 150 Dec 31 Commission income 320 Commission income prepaid 320
Cash book REVISION FOR ACCOUNTING CLASS B On 1 April Year 2 B James had a Cash balance of 1.000 and credit Bank balance of 4.020. B James recorded the following receipts and payments during April Year 2: REQUIRED: a) Prepare B James Three Columns Cash Book, carrying down the balances at 30 April Year 2. b) Write up both the discount allowed account and the discount received account for the month of April Year 2, in B James General Ledger.
ANSWER CASH BOOK Date April 1 Particulars Disc. Allowed Cash Bank Date Particulars Disc. Received Balance b/d 1.000 April 1 Balance b/d 4.020 Cash Bank 3 Sales 1.635 7 D. Dickson 3.914 6 A Anny 50 2.450 9 Bank (C) 500 9 Cash (C) 500 11 B Kay 20 900 11 Joan 50 700 15 Wages 1.120 12 Sales 3.000 16 Bank (C) 2.750 16 Cash (C) 2.750 22 H. Brown 1.200 21 W. Wendy 1.430 27 Drawings 2.000 30 B. Bari 1.500 28 Wages 1.100 30 Balance c/d 2.704 30 Balance c/d 165 100 5.635 12.034 20 5.635 12.034 May 1 Balance b/d G.L 165 May 1 Balance b/d G.L 2.704 (b) GENERAL LEDGER Discount Allowed Account Year 2 Year 2 April 30 Trade Receivables 100 Year 2 Discount Received Account Year 2 April 30 Trade Payables 20
Κατάσταση Συμφιλίωσης Τράπεζας / Bank Reconciliation Statement The following information related to the banking transactions of King Gross for the month of November 2015: REQUIRED (a) Calculate the provisional Cash Book balance at 30 November 2015 and enter this balance in your answer book. Update the Cash Book by entering any relevant additional items from the Bank Statement. (b) Prepare a Bank Reconciliation Statement at 30 November 2015. ANSWER (a) Provisional at 30 November 2015 7.886.00 (Cr) Cash Book (Bank Column) Nov. Nov. 30 Credit transfer *2.000,00 30 Balance b/d 7.886.00 30 F. Fanos C/T 5.500,00 30 Rent D/D 1.200,00 30 Balance c/d 2.911,00 30 Bank charges 350,00 30 M. Manos R/D 700,00 30 Subscription S/O 275,00 10.411,00 10.411,00
*Difference 3.600,00 1.600,00. (Sales deposited directly to the bank.) (b). King Gross Bank Reconciliation Statement at 30 November 2015 Balance as per updated Cash Book (Cr) (2.911,00) Add: unpresented cheques: 605 stationery 170,00 607 Repairs 380,00 608 Wages 1.000,00 1.550,00 Less: Uncleared lodgments: Cash Sales 4.500,00 Less: Difference (6.760,00-6.700,00) * 60,00 (4.560,00) Balance as per Bank Statement (Dr) 5.921,00 *Difference in the opening balance between cash book (6.700.00) and bank statement (6.760.00) at 1 November. Βοηθητικά Βιβλία / Books of Original Entry On 1 September 2015 Maria Antoniou had the following Sales Ledger Account balances:
REQUIRED (a) Prepare for September 2015: (i) Sales Day Book (ii) Returns Inwards Day Book. On 30 September 2015 Maria Antoniou received cheques from all her trade receivables in full settlement of the amounts owing on 1 September 2015. G Gavriel received a cash discount of 2,5% and M Andreou 1,5%. (b) Prepare for September 2015 the following accounts, balancing the accounts at 30 September 2015: G Gavriel P Antoniades M Andreou. ANSWER a) Sales Day Book Date Details (Name of Customer) Invoice No. Net Amount 2015 Sept. 2 8 15 22 C Nasser 6.120 - (6.120 x 15%) P Antoniades 4.320 (4.320 x 10%) G Gabriel 11.790 (11.790 x 20%) M. Andreou 20.160 (20.160 x 25%) 5.202 3.888 9.432 15.120 Oct. 31 Total to Sales A/c 33.642 Date 2015 Sept. 16 29 Returns Inwards Day Book Details (Name of Customer) P Antoniades 550 - (550 x 10%) M. Andreou 1.400 (1.400 x 25%) Credit Note No Net Amount 495 1.050 Oct.31 Total to Sales Returns a/c 1.545
b) Sales Ledger G. Gabriel A/c 2015 Sept. 1 15 Balance b/d Sales 9.000 9.432 Oct. 1 Balance b/d 9.432 2015 Sept. 30 30 30 Bank Discount Allowed Balance c/d 8.775 225 9.432 18.432 18.432 2015 Sept. 1 8 Balance b/d Sales P. Antoniades A/c 2015 2.160 Sept. 3.888 16 30 Sales Returns Bank 495 2.160 30 Balance c/d 3.393 6.048 6.048 Oct. 1 Balance b/d 3.393 2015 Sept. 1 22 Balance b/d Sales M. Andreou A/c 2015 5.200 Sept. 15.120 29 30 30 Sales Returns Bank Discount Allowed 1.050 5.122 78 30 Balance c/d 14.070 20.320 20.320 Oct. 1 Balance b/d 14.070 2015 Sept 2 Sales C Nasser A/c 2015 5.202 Sept. 30 Bank 5.202 Λογαριασμοί Ελέγχου Καθολικών / Control Accounts Helen made the following credit sales during June Year 4: Credit Purchases during June Year 4
ANSWER Helen s Subsidiary Books a) Sales Day Book Date Particulars folio Invoice No Amount Year 4 June 4 Alison (130 x 22) - 30% SL1 2.002 12 Merry (310 x 30) - 50% SL3 4.650 15 Greta (60x16) - 20% SL2 768 18 Merry (510x35) - 50% SL3 8.925 25 Greta (85 x 15) - 20% SL2 1.020 28 Alison (250 x 32) - 30% SL1 5.600 30 Merry (410 x 23) - 30% SL3 6.601 30 Total to Sales A/c 29.566 b) Purchases Returns Day Book Date Particulars folio Credit Note Amount
No Year 4 June 11 Alison (15 x 22) - 30% SL1 231 30 Greta (10 x 15) - 20% SL2 120 30 Total to Purchases Returns A/c 351 c) Sales Ledger Alison A/c ( 1) Year 4 Year 4 June 1 Balance b/d 800 Dec. 11 Sales Returns 231 4 Sales 2.002 20 Bank 784 28 Sales 5.600 20 Discount Allowed 16 30 Balance c/d 7.371 8.402 8.402 Year 5 Year 5 July 1 Balance b/d 7.371 Greta A/c ( 2) Year 4 Year 4 June 1 Balance b/d 500 June 25 Bank 500 15 Sales 768 30 Sales Returns 120 25 Sales 1.020 30 Balance c/d 1.668 2.288 2.288 Year 5 Year 5 July 1 Balance b/d 1.668 d) General Ledger Sales ledger Control A/c Year 4 Year 4 June 1 Balance b/d 4.900 June 30 Sales Returns 351 30 Sales 29.566 30 Discount Allowed 88 30 Bank (3.450+784+500) 4.734 30 Balance c/d 29.293 34.466 34.466 July 1 Balance b/d 29.293 List of balances
Alison 7.371 Greta 1.668 Merry (3.600 + 4.650 + 8.925 + 6.601-3.450-72) 20.254 29.293 Το Ημερολόγιο, τα λογιστικά λάθη και οι διόρθωσεις τους /The journal and correction of errors.
ANSWER Marcou Correction of revised Net profit Draft Net Profit 355.000 Item No Add Deduct 1 4.000 2 No effect 3 1.000 4 650 5 No effect 6 5.400 7 No effect 8 No effect 4.650 6.400 (1.750) Correct Net Profit for the year 353.250