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Odessa Limited
You are presented with the trial balance and notes for the business
For the vear ended: 30th November 2013
Odessa Limited

t

t
Allowance for receivables

245

Srariiea;nd wrseg

49r850

!
...
5q,19_q

...
_
...
50
Q9_,q_9q

400

4o
...
780

55
...
Non-current assets should be depreciated in accordance with their useful economic
Iife
...


Assets:

Method:

Rate:

gtf?igE lhe

...
equl[m
...
_
...
-

4o/o

r"Q-r]glng b-alanceI_e_q!19!!9

20r/;

-

ZO"te

Pdilg9

3_9%

2
...
inventory held at the year-end amounted

to:

t11 ,200

3
...


4
...


lncome tax on taxable profits are estimated

at:

LZ9/)O

Required:
Prepare the following statements, for internal use, for the business for the year ended
30th November 2013
(a) An lncome Statement
(b) A Statement of Changes in Equity, and
(c) A Statement of Financial Position

FAC Ltd Co Practice Q-A Odessa Ltd
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Fish Limited
You are presented with the trial balance and notes for the business of
For the year ended: 30th October 2013
Fish Limited

t

t
Allowance for receivables

_ _45,

Srlari_es And *qgg=
fny_e_llery

btf

12!945
2,525

Returns


...
259

,

1,552

4or
...
_
...
,"_e
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q

41
...
Non-current assets should be depreciated in accordance with their useful economic
life
...


Method:

Rate:

eqtlQtng_s_ _slia!s,|t1!h,e_
Fixtures and Fittings qqgig
...
Lns Qalgnqe 357q
reducing balance 35%
Motor Vehicles
5-?1p

2_91/t

2
...


L6
...
Adjustments for prepayment, accruals and Receivables:
Prepavments:
Rent and rates (administrative expenses)
f650
Asgiuels:
Heating bill (administrative expenses)
8750
t850
Salaries and wages
Trade receivables:
The business has been informed that a customer has gone into liquidation and
it is unlikely ihey will recover any of the amount owing, totalling: e950
The allowance for receivables is to represent 7o/o ol lhe trade receivables"

4
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ended:

Dr
EE

lnventory b/f

12
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000

Retained Earninos b/f
Buildinss at cost b/f

100,000

17
...
r Share Premium b/f

10,000
25,000

Loan notes
Loan note interest
8olo

450


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33,280
1
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955

1
...
Buildinos are to be

36,205
1
...
955

using the reducing balance method by:2Oo/o

The
lncome tax on

7
...

A transfer is to be made to the the general reserve
82,000
1 December 2012 thgre was a bonus issue of 1 share for every I shares held and this
On
is to be taken out of retained earnings
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Required:
Prepare the following statements for the Sutton Limited for the year
for internal use:

ended:

Marks
22

(a) lncome Statement
(b) Statement of Changes in Equity
(c) Statement of Financial Position

10
18

Total marks:

03t06t2013

30 April 2013

Earith Limited
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yearended:

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Distribution costs
a Ganaral Racanra h/f
GeneralReserve b/f

btt
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150,000


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596
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lncome tax on

5%

was valued at:
was estimated at:

eue,^'l
€1
...
Atransfer is to be-made to the the general reserye of:
f 11,500
9' on 1 January 2013 there was a bonus issue of 1 share for every rO snares neld and this
is to be taken out of retained earnings
...
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Title: Financial Accounting - Questions and Solutions
Description: 4 questions requiring to prepare Income Statement, Statement of changes in Equity and Statement of Financial Position with solutions.

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