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Acf 353

The document is an accounting assignment that includes a trading and profit and loss account and balance sheet for Frame and French for the year ended 30 June 20X9. The trading and profit and loss account shows sales of £363,111 with a gross profit of £164,581. Net profit was £86,065. The balance sheet lists non-current assets of £158,400 and current assets of £140,490. Current liabilities were £27,525 giving net current assets of £112,965 and total net assets of £206,365.

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Andy Asante
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87 views3 pages

Acf 353

The document is an accounting assignment that includes a trading and profit and loss account and balance sheet for Frame and French for the year ended 30 June 20X9. The trading and profit and loss account shows sales of £363,111 with a gross profit of £164,581. Net profit was £86,065. The balance sheet lists non-current assets of £158,400 and current assets of £140,490. Current liabilities were £27,525 giving net current assets of £112,965 and total net assets of £206,365.

Uploaded by

Andy Asante
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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INTERMEDIATE ACCOUNTING ASSIGNMENT (ACF 353)

ANDY ASANTE INDEX NUMBER: 5585118

FRAME AND FRENCH


TRADING AND PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDED 30TH JUNE 20X9
£ £ £
SALES 363,111.00
LESS: COST OF SALES
OPENING STOCK 62,740.00
ADD: PURCHASES 210,000.00
272,740.00
LESS: CLOSING STOCK 74,210.00 198,530.00
GROSS PROFIT 164,581.00
ADD: DECREASE IN PROVISION (1,400 - 1,250) 150.00
164,731.00
LESS: OPERATING EXPENSES
CARRIAGE OUTWARDS 3,410.00
DISCOUNNT ALLOWED 620.00
LOAN INTEREST: P PRINCE 3,900.00
OFFICE EXPENSES (4,760+215) 4,975.00
SALARIES AND WAGES (57,809+720) 58,529.00
BAD DEBTS 1,632.00
DEPRECIATION: FIXTURES (15%* (8,200-4,200)) 600.00
BUILDINGS 5,000.00 78,666.00
NET PROFIT 86,065.00
ADD: INTEREST ON DRAWINGS: FRAME 900.00
FRENCH 600.00 1,500.00
87,565.00
LESS: SALARY: FRAME 30,000.00
INTEREST ON CAPITAL
FRAME (5%*100,000) 5,000.00
FRENCH (5%*75,000) 3,750.00 8,750.00 38,750.00
SHARE OF PROFIT 48,815.00
FRAME (3/5*48,815) 29,289.00
FRENCH (2/5*48,815) 19,526.00 48,815.00
NON-CURRENT ASSETS

BUILDINGS
FIXTURES

CURRENT ASSETS
STOCK
DEBTORS (61,400 - 1,250)
LESS:
CASH AT BANK

CURRENT LIABILITIES
CREDITORS
OFFICE EXPENSES ACCRUED
WAGES ACRUED
NET CURRENT ASSETS

LESS:
NET ASSETS

FINANCED BY:

CAPITAL ACCOUNTS
CURRENT ACCOUNTS
BAL B/F
ADD:

LESS:
FRAME AND FRENCH
BALANCE SHEET AS AT 30TH JUNE 20X9

ACCUMULATED CARRYING
NON-CURRENT ASSETS COST DEPRECIATION VALUE
£ £ £ £
BUILDINGS 210,000.00 (50,000+5000) 55,000.00 155,000.00
8,200.00 (4,200+600) 4,800.00 3,400.00
218,200.00 59,800.00 158,400.00
CURRENT ASSETS
74,210.00
DEBTORS (61,400 - 1,250) 61,400.00
PROVISION FOR UNDOUBTFUL DEBTS 1,250.00 60,150.00
CASH AT BANK 6,130.00
140,490.00
CURRENT LIABILITIES
CREDITORS 26,590.00
OFFICE EXPENSES ACCRUED 215.00
WAGES ACRUED 720.00 27,525.00
NET CURRENT ASSETS 112,965.00
271,365.00
LOAN FROM P PRINCE 65,000.00
NET ASSETS 206,365.00

FINANCED BY:
FRAME FRENCH
CAPITAL ACCOUNTS 100,000.00 75,000.00 175,000.00
CURRENT ACCOUNTS
4,100.00 1,200.00
SALARY 30,000.00 -
INTEREST ON CAPITAL 5,000.00 3,750.00
SHARE OF PROFIT 29,289.00 19,526.00
68,389.00 24,476.00
DRAWINGS 31,800.00 28,200.00
INTEREST ON DRAWINGS 900.00 600.00
35,689.00 (4,324.00) 31,365.00
206,365.00

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