The following Information were extracted from the financial reports of P.Howell, a sole-trader. From the details...
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The following Information were extracted from the financial reports of P.Howell, a sole-trader. From the details below (Income Statement in 2020, and Balance Sheets in 2019 and 2020) you are to draft a statement of cash flow for P. Howell for the year ending 31 December 2010. Sales Less Cost of goods sold Opening inventory Add Purchases Less Closing Inventory Gross Profit Add Discounts received. Profit on sale of fumiture Less Expenses Electricity Telephone Salary General Expenses Bad debt Increase in allowance for doubtful debt Depreciation: Fumiture Non-cument assets Fumiture at cost Less depreciation to date Current assets Total Assets Inventory Accounts receivable less allowance" Bank Cument Liabilities Accounts payable Non-current liabilities Loan from J. Abalor Total liabilities Net assets Capital P. Howell Income Statement for the year ending 31 December 2019 Opening balance b/d Add Net profit Add Capital Introduced Less Drawings Total Capital 28,400 75,000 (24,300) (79,100) 37,800 400 1,100 2,400 10,500 1,600 500 100 1,000 24,300 5,100 4,000 E 116,900 Statement of Financial Position as at 31 December 2019 2,700 7,000 400 38,200 (17,200) 21,000 £ 28,000 (8,000) 20,000 33,400 53,400 (9.700) 43,700 15,800 21,000 6,900 - 43,700 [ 2020 24,300 95,000 (28,500) 500 2,000 1,500 3,200 15,600 2,100 700 200 1,000 2020 28,500 4,100 9,000 3,200 4,000 Accounts receivable 2019 £5,700-allowance £600. Accounts receivable 2020 £4,900-allowance £800. Note: Some fumiture were sold for £5,000 during 2020. No new fumiture was purchased during the year. E 140,800 (90,800) 50,000 2,500 52,500 (24,300) 28,200 21,000 (5,000) 16,000 41,500 57,600 (7,200) 50,400 43,700 28,200 (21,500) 50,400 The following Information were extracted from the financial reports of P.Howell, a sole-trader. From the details below (Income Statement in 2020, and Balance Sheets in 2019 and 2020) you are to draft a statement of cash flow for P. Howell for the year ending 31 December 2010. Sales Less Cost of goods sold Opening inventory Add Purchases Less Closing Inventory Gross Profit Add Discounts received. Profit on sale of fumiture Less Expenses Electricity Telephone Salary General Expenses Bad debt Increase in allowance for doubtful debt Depreciation: Fumiture Non-cument assets Fumiture at cost Less depreciation to date Current assets Total Assets Inventory Accounts receivable less allowance" Bank Cument Liabilities Accounts payable Non-current liabilities Loan from J. Abalor Total liabilities Net assets Capital P. Howell Income Statement for the year ending 31 December 2019 Opening balance b/d Add Net profit Add Capital Introduced Less Drawings Total Capital 28,400 75,000 (24,300) (79,100) 37,800 400 1,100 2,400 10,500 1,600 500 100 1,000 24,300 5,100 4,000 E 116,900 Statement of Financial Position as at 31 December 2019 2,700 7,000 400 38,200 (17,200) 21,000 £ 28,000 (8,000) 20,000 33,400 53,400 (9.700) 43,700 15,800 21,000 6,900 - 43,700 [ 2020 24,300 95,000 (28,500) 500 2,000 1,500 3,200 15,600 2,100 700 200 1,000 2020 28,500 4,100 9,000 3,200 4,000 Accounts receivable 2019 £5,700-allowance £600. Accounts receivable 2020 £4,900-allowance £800. Note: Some fumiture were sold for £5,000 during 2020. No new fumiture was purchased during the year. E 140,800 (90,800) 50,000 2,500 52,500 (24,300) 28,200 21,000 (5,000) 16,000 41,500 57,600 (7,200) 50,400 43,700 28,200 (21,500) 50,400
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Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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