QUESTION THREE Mtoni is a sole trader. He provides the following financial information in respect of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION THREE Mtoni is a sole trader. He provides the following financial information in respect of his business. Profit or Loss statement for the year ending 31 December 2023 TZS'000 Gross profit TZS'000 22,35 Add: rent received- 205 Profit on sale of van 310 515 22,865 Less: Expenses Motor expenses 970 Wages 8,600 General expenses 415 Electricity 260 Increase in provision for doubtful debt provision Depreciation: Van 100 900 11.245 11.620 ASSETS Statement of financial position as at 31 December 2022 TZS'000 TZS'000 2023 TZS'000 TZS 000 Non-current assets Van at cost Less: Depreciation to date 7,700 (2.850) 4,100 (1.550) 5,050 2.550 Current assets Inventory 9,300 12.000 Trade receivable less provision" 4,100 3.450 Bank 205 360 Total assets 13.605 15.810 18.655 18.360 Equity and Liabilities Opening capital 8,605 10,705 Add: Net profit 10,600 11,620 19,205 22,325 Less: Drawing (8,500) (11.315) Closing capital 10.705 11,010 Non-current liability Loan from Tabata 5,000 3,750 Current assets Trade Payable Total equity plus liabilities 2.950 3,600 18.655 18.360 Additional information (i) Trade receivables 2022 TZS4,400,000-Provision TZS300,000 (ii) Trade receivables 2023 TZS3,850,000-Provision TZS400,000 (iii) A van was sold for TZS1,910,000 during 2023. No new vans were purchased during the year Required Prepare a Statement of cash flows for the year ended 31st December 2023 (using indirect Method) QUESTION THREE Mtoni is a sole trader. He provides the following financial information in respect of his business. Profit or Loss statement for the year ending 31 December 2023 TZS'000 Gross profit TZS'000 22,35 Add: rent received- 205 Profit on sale of van 310 515 22,865 Less: Expenses Motor expenses 970 Wages 8,600 General expenses 415 Electricity 260 Increase in provision for doubtful debt provision Depreciation: Van 100 900 11.245 11.620 ASSETS Statement of financial position as at 31 December 2022 TZS'000 TZS'000 2023 TZS'000 TZS 000 Non-current assets Van at cost Less: Depreciation to date 7,700 (2.850) 4,100 (1.550) 5,050 2.550 Current assets Inventory 9,300 12.000 Trade receivable less provision" 4,100 3.450 Bank 205 360 Total assets 13.605 15.810 18.655 18.360 Equity and Liabilities Opening capital 8,605 10,705 Add: Net profit 10,600 11,620 19,205 22,325 Less: Drawing (8,500) (11.315) Closing capital 10.705 11,010 Non-current liability Loan from Tabata 5,000 3,750 Current assets Trade Payable Total equity plus liabilities 2.950 3,600 18.655 18.360 Additional information (i) Trade receivables 2022 TZS4,400,000-Provision TZS300,000 (ii) Trade receivables 2023 TZS3,850,000-Provision TZS400,000 (iii) A van was sold for TZS1,910,000 during 2023. No new vans were purchased during the year Required Prepare a Statement of cash flows for the year ended 31st December 2023 (using indirect Method)
Expert Answer:
Related Book For
Equity Asset Valuation
ISBN: 978-0470571439
2nd Edition
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen
Posted Date:
Students also viewed these accounting questions
-
Draw a 3-dimensional picture for the atoms in CH3CO2CH2NHCH3, using the hash-wedge convention. (You neednt specify lone pairs, and orbitals need not be shown). (5pt)
-
Perform the indicated operation and simplify completely and assume that all variables represent real numbers 921151839-614x2010 Answer =
-
A specific purpose statement is not stated in the speech but includes both the general purpose and the topic. It often reveals the intended goal for the audience. O True False
-
A toy cart of mass m1 moves on frictionless wheels as it is pulled by a string under tension T. A block of mass m2 rests on top of the cart. The coefficient of static friction between the cart and...
-
Disprove each statement in Exercises 116120 by a. letting y equal a positive constant of your choice, and b. using a graphing utility to graph the function on each side of the equal sign. The two...
-
The IRR of this investment is located at which point? a. A b. C c. D d. E
-
Jean-Marie Bourjollys restaurant has the following inventory items that it orders on a weekly basis: (a) Which is the most expensive item, using annual dollar volume? (b) Which are C items? (c) What...
-
Development economics studies the transformation of emerging nations into more prosperous one and it seeks to understand and shape the country's macro and microeconomics policies in order to lift...
-
A corporate bond pays half-yearly coupons. Its annual coupon rate is 27%. Its par value at maturity is $1,000. The bond matures in 2 years. Its annual yield to maturity is currently 15%. The Macaulay...
-
INCOME STATEMENT Sales Cost of Goods Sold Gross Profit Selling Expense General & Administrative Depreciation $ 5,234,198 3,659,135 1,575,063 227,295 626,000 176,000 Bank Interest on Loan 147,500...
-
How might one elucidate the evolutionary trajectory leading to the development of intricate anatomical structures such as the human eye or avian wing from rudimentary ancestral forms? Please...
-
Should publicly-traded retail companies engage in cause marketing where they donate a portion of profits to non-profit organizations and where do you stand in this issue?
-
The genes for mahogany eyes and ebony body are 18 MU apart on chromosome III in Drosophila. Assume that a mahogany-eyed female was mated to an ebony- bodied male and the resulting F phenotypically...
-
The following selected account balances relate to the property, plant, and equipment accounts of Crane Ltd.: Accumulated depreciation-buildings Accumulated depreciation-equipment Depreciation...
-
Select two companies (apple and Google) in the same industry that are publicly traded in a US stock market (ex: nyse). You will need to use their financial statements for 2013 and 2014. The project...
-
Suppose the index goes to 18 percent in year 5. What is the effective cost of the unrestricted ARM?
-
Which of the following best describes the underlying rationale for a written investment policy statement (IPS)? A. A written IPS communicates a plan for trying to achieve investment success. B. A...
-
Which of the following is least important as a reason for a written investment policy statement (IPS)? A. The IPS may be required by regulation. B. Having a written IPS is part of best practice for a...
-
Which of the following is least likely to be placed in the appendices to an investment policy statement (IPS)? A. Rebalancing Policy. B. Strategic Asset Allocation. C. Statement of Duties and...
Study smarter with the SolutionInn App