Documentos de Académico
Documentos de Profesional
Documentos de Cultura
31-Dec-09
INVENTORY VALUATION
Note 1
€
Stock value at cost 5,295
ADJUSTMENT:
Deduct Cost -295
Add NRV 100
Account Accrual
€
Salaries 640
T COOL
31-Dec-09
PREPAID EXPENSES
Note 5
Account Prepayments
€
Insurance 150
( €600 /12 x 3 months )
T. COOL
31-Dec-09
INCOME RECEIVED IN ADVANCE
Note 4
DEPRECIATION:
Balance 1 Jan 0 600 7,400
Charge for Year 0 135 2,000
Released on disposal 0 0 -3,900
Balance 31 Dec 0 735 5500
NBV:
1-Jan 25,000 900 9,100
31-Dec 25,000 765 4,500
Total
€
43,000
0
-6,500
36,500
8,000
2,135
-3,900
6,235
35,000
30,265
31-Dec-09
ALLOWANCE FOR DOUBTFUL DEBTS
Note 6
€
Receivables 4,500
Specific allowance 100
Disposal 6,500
Motor Vehicle 6,500
Being cost of motor vehicle scrapped
Ref. ACCOUNT DR CR
€ €
1 Inventory 5,100
Income Statement 5,100
Being value of Closing stock
3 Salaries 640
Accrued Expenses 640
Being accrued expenses at end of year
7 Income Statement 74
Allowance for Doubtful Debts 74
Being increase in allowance for doubtful debts
8 Sales 1,000
Disposal 1,000
Being cash received from Insurance re-MV scrapped
9 Disposal 6,500
Motor Vehicle 6,500
Being cost of motor vehicle scrapped
ACCOUNT TRIAL BALANCE Ref. JOURNAL INCOME STATEMENT (1) INCOME STATEMENT (2) BALANCE SHEET
DR CR DR CR DR CR DR CR DR CR
€ € € € € € € € € €
(INCOME STATEMENT)
Purchases 33,760 33,760
Sales 73,620 8 1,000 72,620
Inventory COS Adjustment 1,2 5,820 5,100 720
Salaries 7,320 3 640 7,960
Bad Debts 180 180
Insurance 3,210 4 150 3,060
General Expenses 4,000 4,000
Rent receivable 2,400 5 200 2,200
Commission receivable 720 720
Depreciation charge 6 2,135 2,135
Increase in All. For D.D. 7 74 74
Disposal of MV 8,9 6,500 1,000
10 3,900
11 1,600
Loss on Disposal 11 1,600 1,600
(BALANCE SHEET)
Capital 20,000 20,000
Drawings 5,250 5,250
Premises 25,000 25,000
Motor Vehicles 16,500 9 6,500 10,000
Furniture 1,500 1,500
Allowance for Dep:
Motor Vehicles 7,400 6, 10 3,900 2,000 5,500
Furniture 600 6 135 735
Receivables 4,500 4,500
Payables 6,800 6,800
All. For Doubtful debts 70 7 74 144
Inventory 5,820 1,2 5,100 5,820 5,100
VAT recoverable 420 420
Bank 3,960 3,960
Cash 190 190
Accrued Expenses 3 640 640
Prepaid Expenses 4 150 150
Income received in advance 5 200 200
111,610 111,610 27,119 27,119 34,480 72,620 19,009 41,060 56,070 56,070
INCOME INCOME
TRIAL STATEMENT STATEMENT BALANCE
ACCOUNT BALANCE JOURNAL (1) (2) SHEET
€ Ref. € Ref. € Ref. € Ref. € € € €
(INCOME STATEMENT)
Purchases 33,760 33,760
Sales -73,620 8 1,000 -72,620
Inventory COS Adjustment 1 -5,100 2 5,820 720
Salaries 7,320 3 640 7,960
Bad Debts 180 180
Insurance 3,210 4 -150 3,060
General Expenses 4,000 4,000
Rent receivable -2,400 5 200 -2,200
Commission receivable -720 -720
Depreciation charge 6 2,135 2,135
Increase in All. For D.D. 7 74 74
Disposal of MV 8 -1,000 9 6,500 10 -3,900 11 -1,600 0
Loss on Disposal 11 1,600 1,600
(BALANCE SHEET)
Capital -20,000 -20,000
Drawings 5,250 5,250
Premises 25,000 25,000
Motor Vehicles 16,500 9 -6,500 10,000
Furniture 1,500 1,500
Allowance for Dep: 0
Motor Vehicles -7,400 6 -2,000 10 3,900 -5,500
Furniture -600 6 -135 -735
Receivables 4,500 4,500
Payables -6,800 -6,800
All. For Doubtful debts -70 7 -74 -144
Inventory 5,820 1 5,100 2 -5,820 5,100
VAT recoverable 420 420
Bank 3,960 3,960
Cash 190 190
Accrued Expenses 3 -640 -640
Prepaid Expenses 4 150 150
Income received in advance 5 -200 -200
0 0 0 0 0 -38,140 -22,051 0
T. COOL
31-Dec-09
EXTENDED TRIAL BALANCE
Income
received
Accrued Prepaid in
ACCOUNT TRIAL BALANCE Ref. JOURNAL Expenses Expenses advance INCOME STATEMENT BALANCE SHEET
DR CR DR CR DR CR DR CR
€ € € € € € € €
(INCOME STATEMENT)
Purchases 33,760 33,760
Sales 73,620 8 1,000 72,620
Salaries 7,320 3 640 7,960
Bad Debts 180 180
Insurance 3,210 4 150 3,060
General Expenses 4,000 4,000
Rent receivable 2,400 5 200 2,200
Commission receivable 720 720
Depreciation charge 6 2,135 2,135
Increase in All. For D.D. 7 74 74
Disposal of MV 8,9 6,500 1,000
10 3,900 1,600
(BALANCE SHEET)
Capital 20,000 20,000
Drawings 5,250 5,250
Premises 25,000 25,000
Motor Vehicles 16,500 9 6,500 10,000
Furniture 1,500 1,500
Allowance for Dep:
Motor Vehicles 7,400 6, 10 3,900 2,000 5,500
Furniture 600 6 135 735
Receivables 4,500 4,500
Payables 6,800 6,800
All. For Doubtful debts 70 7 74 144
Inventory 5,820 1,2 5,820 5,100 5,100
VAT recoverable 420 420
Bank 3,960 3,960
Cash 190 190
Accrued Expenses 3 640
Prepaid Expenses 4 150
Income received in advance 5 200
111,610 111,610 13,609 13,609 640 150 200 58,589 80,640 56,070 56,070
PROFIT 22,051