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Questions:

a) Understand the language of financial accounting and financial reporting.
 
b) Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, and the relationship between these financial statements.
 
c) Understand the accounting cycle and the business process of accounting information systems and their ethical implications. Engage in the evaluation, development or implementation of computerized accounting information systems.
 
 

Answers:

Income Statement

for the month ended on 31 October, 2012

 

particulars

 

 

 Amount (in $)

Sales

4000

 

      2,13,213.00

Less: Cost of goods sold

5010

 

    (1,63,380.00)

Total Income

 

 

         49,833.00

Expenses

 

 

 

Interest expense

5020

 

         46,000.00

Expense on salaries

5040

 

         22,500.00

Expenses Sundry

5060

 

         11,660.00

Expense on Advertising

5070

 

               750.00

Expense on Insurance

5080

 

               800.00

Expense on Rent

5090

 

            5,000.00

Expense on Bad debts

5100

 

            5,496.00

Expense on Inventory devaluation

5110

 

            4,800.00

expense on Depreciation of  buildings

5120

 

            2,917.00

expense on Depreciation of  motor vehicle

5130

 

               375.00

Total Expenses

 

 

      1,00,298.00

Net Loss

 

 

        (50,465.00)


Balance Sheet

as on 31 October, 2012

     

Particulars

 

 

 Amount (in $)

Assets

 

 

 

Current assets

 

 

 

Cash

1010

 

         88,323.00

Accounts receivable

1020

    1,20,510.00

 

doubtful debts allowance

1030

        (5,666.00)

      1,14,844.00

Inventory

1040

 

      2,00,740.00

Prepaid insurance

1050

 

         11,200.00

rent Prepaid

1060

 

         45,000.00

Advertising Prepaid

1070

 

            1,250.00

Non-current assets

 

 

 

Buildings

1100

  14,00,000.00

 

Buildings - Accumulated depreciation –

1105

(1,77,917.00)

    12,22,083.00

Motor vehicle

1200

        45,000.00

 

- motor vehicle - Accumulated depreciation

1205

      (9,375.00)

         35,625.00

Total assets

 

 

    17,19,065.00

Liabilities

 

 

 

Share Capital

3010

 

    12,79,200.00

Retained earnings

3020

 

        (50,465.00)

Non Current liabilities

 

 

 

Bank Loan

2100

 

      2,76,000.00

Current liabilities

 

 

 

Accounts payable

2010

 

      1,25,670.00

Interest payable

2020

 

         46,000.00

Income tax payable

2030

 

                        -  

Salaries payable

2040

 

         22,500.00

Provision for employee entitlements

2050

 

            8,500.00

Accrued expenses

2060

 

         11,660.00

Total Liabilities

 

 

    17,19,065.00

 

 
OR

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