Reference no: EM13501415
Profit & Loss Account and Balance Sheet Assignment
You have been approached by a local company and asked to help them to prepare their Profit & Loss Account and their Balance Sheet for their last accounting year. They have given you the figures that they think you will need in the form of the following table (attached to this brief) and also some additional items that relate to unpaid bills, amounts paid in advance. the value of their closing stock and the accounting (useful) life of their fixed (long term) assets (this information is also attached).
You need to produce the Profit & Loss Account and Balance Sheet for the company and also to calculate the Net Profit to Turnover ratio and the ROCE (Return on Capital Employed).
You should submit the assignment via the Assignment Area on your Pod BREO Site. If you are still not on BREO, please ask your Pod Tutors how they would like you to submit the assignment.
Company Information Parkin Meters Ltd
Date of preparation of figures:- 31st March 2012
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Capital
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35.605
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Bank Balance
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2.605
|
|
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Creditors
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4,405
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Debtors
|
8.105
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|
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Furniture and Fittings
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8,000
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|
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Premises
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15.300
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|
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Heat and tight
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1,500
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|
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Miscellaneous expenses
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6.700
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|
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Purchases
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52,000
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|
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Sales
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79.105
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Stock on 1st April 2011
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7,000
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|
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Wages
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17,905
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|
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119,115
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119.115
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Additional Information
a) Closing stock was counted and valued at £13395
b) Furniture and fittings have 4 years of useful life. -61£255 was owing to the staff for March overtime. d) Of the miscellaneous expenses, £85 was an advance payment for broadband line rental.