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QUESTION 1
Answer the following question using an essay format with a maximum that ranges between 300 to 500 words for each question.
a) There are three main forms of firm's ownership, sole proprietorships, partnerships and corporations in business organizations. Identify and explain these forms in private firms.
b) There are three types of activities (operating, financing and investing) generate funds to the organization. Identify and explain with examples these activities in private firms
QUESTION 2
The following Balance Sheet and Income Statement are taken from the accounts of Gulf Corporation for wholesale carpet business. Answer the following question with establishing table for comparison between the financial position of the company in 2012 and 2013 and a report for your decision
Required
1. Use the above Income Statement and the Balance Sheet to assess:
A. Liquidity ratios
B. Gearing ratio
C. Efficiency ratios
D. Profitability ratios
E. Investment ratio
2. The company is applying for a bank loan. The bank manager seeks your advice on whether to lend the company in a form of a report. Base your report on the above results.
Statements of Financial Position (balance sheets) of Gulf Cooperation for wholesale carpet business as at 31 March 2013
2013
2012
Assets
Non-current assets
Plant and equipment (at cost less depreciation)
8000
5000
Land and buildings
4000
3000
Fixtures and fittings
12000
Current assets
1000
500
Inventories
1500
Trades receivable
Cash at banks
2000
15000
10000
Total Assets
Equity and liabilities
Equity
$ 0.50 ordinary shares
Retained earnings
6000
Non-current liabilities
Borrowing
Current liabilities
2500
Trade payables
Taxation
0
Short-term borrowings (all bank overdraft)
Total Equity and Liabilities
Profit and Loss Accounts for the year ended 31 March 2013
Sales
Cost of sales
Gross profit
Operating expenses
Operating Profit
200
250
Interest payable
800
750
Profit before tax
100
700
650
Profit for the year
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