Unit 10: Financial Accounting and Financial Reporting

1455 Words15 Pages
Assignment front sheet

Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma Business
Unit 10: Financial Accounting and Financial Reporting
Student name
Assessor name

Date issued
Completion date
Submitted on
28/03/15
09/05/15

Assignment title
Presentation of financial information and Interpretation of Financial Statements (2 of 2)

Learning Outcome

Learning outcome
Assessment Criteria
In this assessment you will have the opportunity to present evidence that shows you are able to:
Task no.

Evidence
(Page no)
LO3
Be able to present financial information in accepted formats for publication
3.1
Explain how the information needs of different user groups vary
1

3.2
Prepare financial statements in a form suitable
…show more content…
Their trial balance as at 30 April 20X4 was as follows:

Sales
Dr
£

Cr
£
334,618
Returns inwards
10,200

Purchases
196,239

Carriage inwards
3,100

Stock 30 April 20X3
68,127

Discounts allowed
190

Salaries and wages
54,117

Bad debts
Provision for doubtful debts 30 April 20X3
General expenses
1,620

1,017

950
Business rates
2,900

Postage
845

Computers at cost
8,400

Office equipment at cost
Provisions for depreciation at 30 April 20X3: Computers
5,700

3,600
Office equipment

2,900
Creditors
Debtors

51,320

36,480
Cash at bank
5,214

Drawings: Bush
39,000

Home
16,000

Wilson
28,000

Current accounts: Bush Home Wilson

2,117

5,940

9,618
Capital accounts: Bush

60,000
Home

10,000
Wilson

30,000

494,106

494,106

(i) Stock 30 April 20X4, £74,223.
(ii) Business rates in advance £200; Stock of postage stamps £68.
(iii) Increase provision for doubtful debts to £1,400.
(iv) Salaries: Home £18,000; Wilson £14,000. Not yet recorded.
(v) Interest on Drawings: Bush £300; Home £200; Wilson £240.
(vi) Interest on Capitals at 8 per cent.
(vii) Depreciate Computers £2,800; Office equipment £1,100.

Task3: Draw up a set of financial statements for the year ended 30 April 20X4. (Assessment criteria 3.2 )

Scenario 3:

The partnership firm is now converted into a General plc company form of organization. The following trial balance was extracted from the books of General plc on 31 December 20x1.

£000

£000
Sales
Get Access