User Account

All Pages

Prepare the financial statements for the year

Assignment Help Financial Management
Reference no: EM131509517

TASK

PART A

Imagine below are month wise transactions for Fyke & Fyke Traders LLC during the year 2016. You are required to prepare the following financial statements for the year ended 31st December 2016.
1. Profit and Loss Account
2. Balance Sheet

You are required to complete the task using the accounting software, Tally.

January
Jan 1st
Owner invested RO 59,000 and brought in tables and Chairs for office worth RO.6,600 as capital and some deposits in National Bank of Oman RO. 19,000
Jan 3rd
Company purchased RO 14,500 stock on credit from Maryam Traders LLC Company borrowed RO10,000 from a Bank Muscat for 6 years
Company sold RO11,000 for cash.
Stock purchase for sale on cash 6,000 and credit for RR Co RO.3,000 Sold Goods RO.8500
Jan 21st
Deposited Cash in to Bank RO. 2,000 Jan 22nd
Company purchased RO 1,200 delivery vehicle and paid in cash. Jan 24th
Company sold RO11,000 for cash Jan 26th
Company sold for RO 500 on credit to LLT Jan 28th
Company sold for RO 800 on credit to LLT

February
Feb 5th
Company paid RO 6,100 salaries Feb 12th
Deposited Cash in to Bank Muscat RO. 200 Feb 19th
Sold Goods for RO. 1550 and received a bank transfer for the amount on the same day. Company purchased RO 5,000 stock on credit from RR Co

March
March 1st
Company paid RO 6,100 salaries March 2nd
Sales RO.1000 for cash


March 18th
Water bills RO. 750 paid Internet bills RO.100 paid
Telephone Expenses paid RO.350 March 28th
Rent received RO 2600 from tenants

April
April 1st
Company paid RO 6,100 salaries Company paid RO 600 rent.
Sales RO.1200
Sales made RO. 1000 April 28th
Commission paid RO.200 Rent Paid RO 1200
April 29th
Sales made RO. 400 Sales made RO. 1000

May
May 1st
Company paid RO 7,200 salaries
Taken short term loan for 3 months RO.2200 May 15th
Purchased goods RO2000 Sold Goods RO2, 600 May 25th
Commission received RO.700 Commission Paid RO.250 May 29th
Sales made RO. 400 Sales made RO. 1000

June
June 15th
Company paid RO 7,200 salaries. Telephone Expenses paid RO.400 June 25th
Sales RO.3000
Discount Allowed RO.1150 June 28th
Sales RO 2200 to LLT Traders on credit
Paid MARIYAM Suppliers RO 16,000 by cheque June 30th
Received RO.5, 000 from RR Co

June 30th
Sales made RO. 800 Sales made RO. 900

July
July 1st
Fuel Expenses RO.250 July 1st
Sales RO.810 made July 1st
Company paid RO 7,200 salaries Company paid RO600 rent.
Sales Return RO 2000 from LLT Traders July 15th
Stationary Expenses RO.70 Travel Expenses RO.550 July 18th
July 29th
Sales Return RO.210. Discount received RO.320

August
Aug 1st
Paid Salaries 7,200 Sales RO.6200
Staff development Expenses RO.410 Rent Received RO. 1200
Aug 25th
Commission Received RO 2800 Postage Expenses RO.50

September
Sep 1st
Company paid RO 7,200 salaries
Closed bank loan RO 1,200 with an interest charged RO 50. Bank Charges RO 23 paid
Sep 6th
Postage Expenses RO.20

October
Oct 1st
Cash Sales RO.12,000 Oct 15th
Deposited cash to bank RO.2,100 Oct 25th
Overdraft Taken from bank RO.9,000

November
Nov 1st
Company paid RO 7,200 salaries Nov 12th
Postage Expenses RO.10 Sales RO.2,450
Nov 20th
Postage Expenses RO 50 Cash Sales RO.1800 Prepaid Rent RO.600

December
Dec 1st
Company paid RO 7,200 salaries Dec 12th
Advertisement Expenses RO.1200 Dec 21st
Entertainment Expenses RO.420 Dec 25th
Wages Paid RO. 410 Dec 31st
Sales made RO 5700

Additional Information
Depreciation Expenses at 10.5 % on all fixed assets to be charged.

PART B

a) Critically assess the results of this business and explain the reasons for its profit (or Loss) as the case may be.
b) Extent your suggestions/ recommendations if any/if required.

PART C

Individual Presentation of the report
(Assessment criteria set based on student's knowledge on content of the report to authenticate his/her work, presentation skills, confidence and clarity in language)

Attachment:- Fatma.rar

Verified Expert

The same has been prepared in word file. It speaks on results of this business and explain the reasons why an entity is incurring losses. Also recommendation is made on which method is to be followed in case of conflict. Ways how entity can save on expenses and get profits have been discussed.

Reference no: EM131509517

Questions Cloud

Essay on your understanding of the history of the west : Please write a short essay on your understanding of the history of the West. How has your understanding changed over your life? Why has it changed
What is the market price : What is the market price of a $1000, six year ond that pays a 6 percent coupon for three years,
What are two causes of increasing or decreasing sales number : What are the two causes of an increasing or decreasing sales number? Discuss all the reasons that might explain an increase or decrease in gross profit.
Explain why teachers need to vary their teaching methods : Explain why teachers need to vary their teaching methods when teaching children
Prepare the financial statements for the year : Financial Statements: Preparation and analysis- BUSS 1604 - You are required to prepare the financial statements for the year ended 31st December 2016.
Describe the role of both religion and economics : Looking at all the readings, describe the role of both religion and economics in driving European exploration. Which do you think was more important?
Minimizes total holding and ordering costs : The inventory order quantity that minimizes total holding and ordering costs is which of the following?
Write an essay on the effects of bullying in children : I'm working on an essay on the effects of bullying in children, what would be a good thesis statement that can include the effects of bullying, cyberbullying.
Create slides that reinforce and illustrate your main ideas : Assignment: Justification Report - Create slides that reinforce and illustrate your main ideas. Follow basic design principles for effective slide content.

Reviews

len1509517

5/27/2017 2:27:35 AM

I want only part B from this assignment. Part A is already done and I have attached below if you need in case. Send the price I want by tomorrow afternoon.

len1509517

5/27/2017 2:26:59 AM

Required points to discuss For a mark of above 70% For a mark of 60- 69% Requirement 1 Very clear and excellent discussion on the factor that the company has a profit/loss and reasons for that Very clear and very good discussion on the factor that the company has a profit/loss and reasons for that Requirement 2 Very clear and excellent suggestion on alternative strategies with a very clear explanation on it further. Very clear and very good suggestion on alternative strategies with a very clear explanation on it further. Requirement 3 Very clear mentioning on the way to avoid losses Very clear and very good mentioning on the way to avoid losses

len1509517

5/27/2017 2:26:48 AM

PART A Marks (Profit And Loss A/C) Allotted Purchase 2 Sales 3 Gross Profit 2 Indirect Incomes 3 Indirect Expenses 32 Net Profit/Loss 2 Total Total (P&L A/C) 44 Marks (44 Marks) Marks (Balance Sheet) Allotted Accounting Period and Company details 3 Capital 2 Loans & Liability 2 Current Liabilities 3 Fixed Assets 3 Current Assets 3 Total 16 Marks Total (BS)

len1509517

5/27/2017 2:26:25 AM

90-100% Outstanding Exceptionally detailed and original response to the assignment, with critical use of independently sourced contextual material. Outstanding demonstration of linked understanding of relevant theory, concepts and models. Extremely well structured with high level of analysis. No obvious errors in referencing or grammar or syntax as appropriate. 80-89% Excellent Very full, independent response to the assignment with totally relevant material which is well beyond any module input, demonstrating independent study. Excellent understanding of relevant theory, concepts and models. Very clear logical structure. Very few errors in referencing or grammar or syntax as appropriate.

len1509517

5/27/2017 2:26:12 AM

5. The report should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices, if required. 6. The report should be submitted through Moodle before the deadline 7. As per MEC policy, any form of violation of academic integrity will invite penalty. Plagiarized documents, in part or in whole, submitted by the students will be subject to this policy. (Refer Plagiarism Policy in detail in Page 2) 8. Deadline of submission will be as mentioned in MIG. 9. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide. Penalty for late submission will be as per the MEC policy. 10. Upon the discretion of the faculty, students may be called for the viva. Failing to appear for VIVA or to respond to the questions asked during VIVA may lead to fail in the assessment

len1509517

5/27/2017 2:26:05 AM

1. Students are supposed to prepare financial statements from the details given below, using accounting software Tally. 2. Screen shots of the reports have to be copied to a word document, to submit through turnitin. 3. The report should have a table of contents, and answers to the questions from both sections A & B, if necessary, using Harvard referencing style 4. The report must have a cover page indicating the module title, name of student, name of faculty and date of submission.

Write a Review

Financial Management Questions & Answers

  Optimal combination of projects given capital constraint

Assume that your capital is constrained, so that you only have $500,000 available to invest in projects. If you invest in the optimal combination of projects given your capital constraint, then the total net present value (NPV) for all the projects y..

  An investment under consideration has a payback

An investment under consideration has a payback of eight years and a cost of $877,000. Assume the cash flows are conventional. If the required return is 10 percent, what is the worst-case NPV? (Negative amount should be indicated by a minus sign. Do ..

  How the amount of debt you owed would not grow

How the amount of debt you owed would not grow as quickly when interest rates are low. Since interest rates have been low lately, are you more willing to borrow money?

  What is the company target debt-equity ratio

Pardon Me, Inc., recently issued new securities to finance a new TV show. The project cost $13.8 million, and the company paid $705,000 in flotation costs. In addition, the equity issued had a flotation cost of 6.8 percent of the amount raised, where..

  Trying to pick least-expensive car for new delivery service

You are trying to pick the least-expensive car for your new delivery service. You intend to replace whichever type of car you choose with the same thing when its life runs out, again and again out into the foreseeable future. If the business has a co..

  What is the amount of the line of credit reported

Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. What is the amount of the..

  Discuss each of the three competitive advantage strategies

Discuss each of the three competitive advantage strategies (operational excellence, product leadership, customer intimacy) and explain why most firms pursue only one of these strategies.

  Business is to ensure shareholders receive maximum returns

A fundamental basis for successful strategy, whether at the economy level or the company level, is understanding the purpose of an organization. The sole purpose of business is to generate profit for shareholders, as Milton Friedman suggests. The pri..

  Calculating returns and variability

Calculating Returns and Variability [LO1] You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 7percent, -13 percent, 21 percent, 34 percent and 15 percent. What was the arithmetic average return on Crash-n..

  On the basis of the two payback computations

On the basis of the two payback computations, which of the two companies would you choose? Does this choice cause you any concern?

  Projected capital budget

Pavlin Corp.'s projected capital budget is $2,000,000, its target capital structure is 40% debt and 60% equity, and its forecasted net income is $900,000. If the company follows the residual dividend model, how much dividends will it pay or, alternat..

  Company achieve without having to raise funds externally

SALES INCREASE Paladin Furnishings generated $4 million in sales during 2016, and its year-end total assets were $3.2 million. Also, at year-end 2016, current liabilities were $500,000, consisting of $200,000 of notes payable, $200,000 of accounts pa..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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