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E Question 1 The following information is an extract from the trial balance for Alpha Auto Repairs Ltd for the year ending 31 December 2019. E Inventories (19 Jan 2019) 5,300,000 Sales 53,000,000 Purchases 7,000,000 Interest Receivable 4,200,000 Staff Wages 2,400,000 Rent Receivable 3,200,000 Management Salary 4,000,000 Corporation Tax 8,200,000 General Expenses 845,000 Depreciation Machinery 2,400,000 Advertising 742,000 Rent on Shop 1,500,000 Closing inventories at 31 December 2019 were 7,800,000. a) What is meant by the business entity concept and discuss why it is closely linked to the accounting equation? (6 marks) b) What is meant by the accruals concept? What is the purpose of the accruals concept? Using the example of credit sales, how does the income statement and balance sheet communicate with each other under the accruals concept. (10 marks) c) Redraft the trial balance above into an income statement for Alpha Auto Repairs Ltd, ensuring that you calculate and show gross profit, operating profit and profit for the year. (14 marks) d) Taking into consideration your answer to question C and assuming that the closing equity figure at 31st December 2018 was 7,700,000 for Alpha Auto Repairs Ltd, what would the closing equity figure be for 2019? Please assume that a rights issue was conducted which raised 5,200,000, and 1,500,000 was removed in the form of drawings during the financial year. (3 marks) Total marks for question 1 (33 marks) See Next Page E Question 1 The following information is an extract from the trial balance for Alpha Auto Repairs Ltd for the year ending 31 December 2019. E Inventories (19 Jan 2019) 5,300,000 Sales 53,000,000 Purchases 7,000,000 Interest Receivable 4,200,000 Staff Wages 2,400,000 Rent Receivable 3,200,000 Management Salary 4,000,000 Corporation Tax 8,200,000 General Expenses 845,000 Depreciation Machinery 2,400,000 Advertising 742,000 Rent on Shop 1,500,000 Closing inventories at 31 December 2019 were 7,800,000. a) What is meant by the business entity concept and discuss why it is closely linked to the accounting equation? (6 marks) b) What is meant by the accruals concept? What is the purpose of the accruals concept? Using the example of credit sales, how does the income statement and balance sheet communicate with each other under the accruals concept. (10 marks) c) Redraft the trial balance above into an income statement for Alpha Auto Repairs Ltd, ensuring that you calculate and show gross profit, operating profit and profit for the year. (14 marks) d) Taking into consideration your answer to question C and assuming that the closing equity figure at 31st December 2018 was 7,700,000 for Alpha Auto Repairs Ltd, what would the closing equity figure be for 2019? Please assume that a rights issue was conducted which raised 5,200,000, and 1,500,000 was removed in the form of drawings during the financial year. (3 marks) Total marks for question 1 (33 marks) See Next Page