You have the following information for the accounting year to 31 December 2013 to assist with...

 

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You have the following information for the accounting year to 31 December 2013 to assist with the production of the information for the trader: Opening cash in hand at bank Debtors at Cash Received from debtors in year Debtors at Bad debts written off during the year. Creditors for purchases at Cash paid to suppliers in year Creditors for purchases at Stock of goods for resale (Inventory) at Stock of goods for resale (Inventory) at Cash paid for other expenses in year Cash drawings in year 1 January 2013 1 January 2013 31 December 2013 1January 2013 31 December 2013 31 December 2013 1 January 2013 31 December 2013 51,000 30,000 585,000 45,000 81,000 408,000 108,000 75,000 96,000 90,000 95,000 Required: (i) Produce the calculation of the net profit for Bale for the year to 31st December 2013 which arrives at a net profit of £96,000. Note that in this case is possible to produce a detailed profit and loss account from the above information. (ii) Show the calculation which indicates how the trader's cash in hand at bank is £43,000 as at 31st December 2013 You have the following information for the accounting year to 31 December 2013 to assist with the production of the information for the trader: Opening cash in hand at bank Debtors at Cash Received from debtors in year Debtors at Bad debts written off during the year. Creditors for purchases at Cash paid to suppliers in year Creditors for purchases at Stock of goods for resale (Inventory) at Stock of goods for resale (Inventory) at Cash paid for other expenses in year Cash drawings in year 1 January 2013 1 January 2013 31 December 2013 1January 2013 31 December 2013 31 December 2013 1 January 2013 31 December 2013 51,000 30,000 585,000 45,000 81,000 408,000 108,000 75,000 96,000 90,000 95,000 Required: (i) Produce the calculation of the net profit for Bale for the year to 31st December 2013 which arrives at a net profit of £96,000. Note that in this case is possible to produce a detailed profit and loss account from the above information. (ii) Show the calculation which indicates how the trader's cash in hand at bank is £43,000 as at 31st December 2013

Answer rating: 100% (QA)

i Net profit Total revenue Total expenses Total revenue Cash received from debtors Cash paid for oth... View the full answer