The following is the receipt and payments account of Kayode social club for the year ended 31st December 2014.
Receipts and payments for the year ended 31st December 2014
| N N cash in hand 1/1/2014 500 cash in bank 1/182014 1,000 Subscription: 2013 1,200 2014 4,000 2015 2,300 7,500 Donations 2,000 End of yr show 15,000 Transfer from deposit acc 3,000 29,000 |
N purchase of sports equipment 1,800 Repairs 1,500 salaries 1,700 Insurance 1,000 Show expenses 3,200 Transport expenses 500 Secretarial expenses 300 Purchase of furniture 3,000 Balance c/d 16,000 29,000 |
Additional Information;
i. Equipment was valued at N3,250 and furniture N1,550 on 31st December 2013
ii. Depreciation to be provided as follows:
Equipment N505
Furniture N55
iii. The following expenses were outstanding
Salaries N300
Transport N100
Repairs N250
iv. Subscriptions owing by members were as follows:
31st December 2013 N1,200
31st December 2014 N2,100
v. The balance in the bank deposit account at 31st December 2013 was N300
You are required to prepare;
(a) Statement of affairs as at 31st December 2013.
(b) Subscription account for the year ended 31st December 2014.
(c) Income and Expenditure account for the year ended 31st December 2014
The following information relates to the books of accounts of Adom Ltd.
Trading, profit, and loss account for the year ended 31st December 2014
| opening stock 20,000 purchase 160,000 180,000 less closing stock 36,000 cost of goods sold 144,000 Gross profit c/d 96,000 240,000 selling & distri. exp 73,200 administrative exp 14,800 Net profit 8,000 96,000 |
sales 240,000 240,000 Gross profit b/d 96,000 96,000 |
Balance sheet as at 31st December 2014
| Share capital: Ordinary shares 100,000 Preference shares 10,000 General reserve 24,000 Profit & loss acc 8,000 32,000 142,000 Current liabilities Trade creditors 28,000 Accruals 12,000 40,000 182,000 |
Fixed assets at cost 125,000 Less depreciation 25,000 100000 Current assets: Stock 36,000 Debtors 39,000 Cash in bank 7,000 82,000 182,000 |
You are required to calculate any six of the following
(a) Gross profit percentage
(b) Net profit percentage
(c) Return on capital employed
(d) Current ratio
(e) Acid test ratio
(f) Rate of stock of turnover
(g) Working capital
(h) Shareholders fund
(i) Liquid assets
The following information was extracted from the books of Daudu Manufacturing company for the year ended 31st December 2012.
Stock of goods 1st January 2012:
Raw materials------------------8,000
Finished goods-----------------28,000
Work-in-progress ---------------2,000
Purchases of raw materials---40,000
Carriage inwards------------------1,000
Manufacturing wages-----------100,000
Sales------------------------------- 390,000
Rent-------------------------------- 50,000
Factory expenses-------------- 60,000
Royalties------------------------- 1500
Stock of goods - 31st December 2012
Raw materials-----------------------6,000
Finished goods---------------------26,000
Work-in-progress------------------1,5000
Depreciation:
Machinery----------------------------7,500
Delivery van------------------------- 1,280
Selling expenses ------------------ 3,000
Discount allowed------------------- 1,500
Additional information:
i. Factory expenses prepaid amounted to D5,000
ii. Selling expenses accrued was D2,500
iii. Rent is apportioned between factory and selling department in the ratio 5:3 respectively.
You are required to prepare Manufacturing, Trading, and Profit and Loss Account for the year ended 31st December 2012.
