8:30 AM Unit 2 - Assignment questions.xlsx Question 1 Question 2 \begin{tabular}{l|l|l|l|l|l|l|l|l|l|l|l|l|l|l} C & D & E & F & G & H & 1 & J & K & L & M & N & O & P \end{tabular} djustments) as at 31 December 2021: dipment depreciation: Machinery depreciation: Delivery EUR50,00018,0003,000(2,200)(1,800)(375)48,00019,850(1,000)20,500(40,000)(40,000)(42,000)60,000(210,000)300(350)50,00010,000(20,500)3,40055,0001,5003508002,0006001,00012,9251,000 Adjustments still to be accounted for: 1 The Company is expecting to receive an invoice in January 2022 of 1,000 for some clay that they have ordered. The order was confirmed by y. 2 One of the debtors has gone bankrupt and has informed the Company that the balance owed to him of 3,000 will not be paid. 3 The Company is expecting that 2% of their debtors are likely not to pay their outstanding amounts. 4 The Company has prepaid a licence of their computer software costing 800 covering the months January 2022 to December 2022. This still 5 The Company still needs to account for depreciation for the year as follows: a. Machinery - using the straight-line method, scrap value of 6,000, useful life of 20 years. b. Delivery van 10% per year using the reducing balance method c. Computer equipment - using the straight-line method, nil scrap value, useful life of 8 years. Requirements Pass requirements P3 Prepare the income statement and the balance sheet from the given trial balance for the year ended 31 December 2021. (If you're attempting P4 Calculate the following financial ratios by using the prepared financial statements: a. Quick ratio b. Accounts receivable days ratio c. Net profit percentage Merit requirements M3 Account for the accounting adjustments above (1-6) and show the double entries or workings. M4 Prepare the income statement and statement of financial position, also including the accounting adjustment worked in M3. D2 Distinction requirements Discuss the organisation's performance over time and provide recommendations to the organisation. Make also reference to the financial rati The data for the previous financial year ending 31 December 2020 is provided as per below: Prior year information on ratios Current assets Inventory (at period end) Current liabilities Closing trade receivables Sales Retained losses Quick ratio Accounts receivable days ratio (in days) Net loss percentage 31-Dec-20 45,000 50,000 100,000 60,0000.54 54.75 60.00% 81 83 84 86 88 89 8:30 AM Unit 2 - Assignment questions.xlsx Question 1 Question 2 \begin{tabular}{l|l|l|l|l|l|l|l|l|l|l|l|l|l|l} C & D & E & F & G & H & 1 & J & K & L & M & N & O & P \end{tabular} djustments) as at 31 December 2021: dipment depreciation: Machinery depreciation: Delivery EUR50,00018,0003,000(2,200)(1,800)(375)48,00019,850(1,000)20,500(40,000)(40,000)(42,000)60,000(210,000)300(350)50,00010,000(20,500)3,40055,0001,5003508002,0006001,00012,9251,000 Adjustments still to be accounted for: 1 The Company is expecting to receive an invoice in January 2022 of 1,000 for some clay that they have ordered. The order was confirmed by y. 2 One of the debtors has gone bankrupt and has informed the Company that the balance owed to him of 3,000 will not be paid. 3 The Company is expecting that 2% of their debtors are likely not to pay their outstanding amounts. 4 The Company has prepaid a licence of their computer software costing 800 covering the months January 2022 to December 2022. This still 5 The Company still needs to account for depreciation for the year as follows: a. Machinery - using the straight-line method, scrap value of 6,000, useful life of 20 years. b. Delivery van 10% per year using the reducing balance method c. Computer equipment - using the straight-line method, nil scrap value, useful life of 8 years. Requirements Pass requirements P3 Prepare the income statement and the balance sheet from the given trial balance for the year ended 31 December 2021. (If you're attempting P4 Calculate the following financial ratios by using the prepared financial statements: a. Quick ratio b. Accounts receivable days ratio c. Net profit percentage Merit requirements M3 Account for the accounting adjustments above (1-6) and show the double entries or workings. M4 Prepare the income statement and statement of financial position, also including the accounting adjustment worked in M3. D2 Distinction requirements Discuss the organisation's performance over time and provide recommendations to the organisation. Make also reference to the financial rati The data for the previous financial year ending 31 December 2020 is provided as per below: Prior year information on ratios Current assets Inventory (at period end) Current liabilities Closing trade receivables Sales Retained losses Quick ratio Accounts receivable days ratio (in days) Net loss percentage 31-Dec-20 45,000 50,000 100,000 60,0000.54 54.75 60.00% 81 83 84 86 88 89
