Draw up a statement of comprehensive income for the year

Assignment Help Financial Accounting
Reference no: EM132494502

The following information relates to the book balances of P Boones.

                                                         Dr                           Cr

                                                                        £                             £

Stock 1 October 19x8                         23,680

Carriage outwards                               2,000

Carriage inwards                                                         3,100

Returns inwards                                  2,050

Returns outwards                                                         3,220

Purchases                                            118,740

Sales                                                                      186,000

Salaries and wages                                 38,620

Rent                                                     3,040

Insurance                                                 780

Motor expenses                                      6,640

Office expenses                                      2,160

Lighting and heating expenses                   1,660

General expenses                                     3,140

Premises                                                 50,000

Motor vehicles                                        18,000

Fixtures and fittings                                 3,500

Debtors                                                38,960

Creditors                                                                          17,310

Cash at bank                                         4,820

Drawings                                              12,000

Capital                                                                                126,360

                                                        332,890                         332,890

Required;

Question i. Draw up a statement of comprehensive income for the year ended 30 September 2002

Question ii. Draw up a statement of financial position as at 30 September 2002.

Reference no: EM132494502

Questions Cloud

Assess the desirability of the expansion : Pouteau Steel is evaluating a proposal to invest $200 million to expand production capacity at their Heavener, Oklahoma mill.
What windows tools should be utilized : Your company recently experienced an AD failure right before you came onboard that they were unable to recover from. The new CEO, Chantell Martin.
Prepare the journal entries on regal air books : Calculate the amount of each annual year-end lease payment. Prepare the journal entries on Regal Air's books for the 2020 and 2021 fiscal years.
Explain to your fellow staff why policies will prevent users : A new CEO has been brought in and she is extremely concerned that another security issue could bring down the company. Her staff has identified you as one.
Draw up a statement of comprehensive income for the year : Draw up a statement of comprehensive income for the year ended 30 September 2002 . Draw up a statement of financial position as at 30 September 2002.
What is the prediction of the fama-french model : What is the prediction of the Fama-French (FF) model for the risk premium on the combined firm? Do we see here a flaw in the FF model?
What is the bank specific cash market risk : What is the bank's specific cash market risk on August 9, 2018? Should the bank buy or sell Eurodollar futures to hedge its borrowing costs?
Proportion of optimal investment in risky portfolio : Can the proportion of optimal investment in risky portfolio (in a portfolio of one risk-free asset and one risky portfolio) be different for different investors
Discuss any managerial discretions available to the firms : Discuss any managerial discretions available to the firms when revaluing/devaluing noncurrent assets?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd