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OM Twee RO Lp 14 2. tap Abd. . Shadow 112 . wy Chade 15 Task 2: On 1 January 2013, Morris has started a sole trader business of printing-press preparing accounts on 31 December. His Profit and Loss Account for the year ended 31 December 2019 is as follows: 500,000 (200,000) 300.000 6,000 1.000 9,000 16,000 316,000 Sales Less: Cost of Sales Gross Profit Add: other Income Interest received on Debenture Interest from Individual Savings Account Dividend income Less: Expenses: Depreciation Wages and Salaries Interest Expense Subscription Donation Bad and doubtful debt Gift and Entertainment Other Expense Repairs and maintenance Car Lease Rent Car Expenses Legal fees at the acquisition of land NET PROFIT 20.000 15000 6,000 2.000 5.000 3,000 4,500 2.500 8,500 8,000 6,800 500 (81.800) 234,200 Notes: 1. The daughter of Morris is also working for the business. Morris gave a salary of 6,000 to her. For the same work, another staff receives a salary of 4,000 2. Few of his customers became bankrupt and Morris treated 1,600 as Bad and doubtful debt. Also, Bad and doubtful debts include 200 for Customer loan written off, 800 for supplier's loan written off, and 400 for former employee loan written off. 6 3. The donation includes 200 for Local Charity, 4,000 for National Charity, 800 is for the Political party. 4. Subscription paid 900 for sports club membership of Morris and 300 for printer's association and the remaining is for business purposes. 5. Interest expense includes 700, the interest on loan borrowed for the construction of the main Residence of Morris. 6. Repairs and maintenance include 5,000 for adding a room to store the papers, 1,500 for the purchase of a packing machine, 200 for painting the building. The remaining 1,800 is revenue expenditure for business purposes. 7. Other expenses include 200 staff parking fine during business hours, 100 parking fine of Morris during his official visit, 150 speeding fine for Morris, 500 for a penalty for not following the safety regulations and 50 is a wedding gift to staff, remaining 1,500 is for business purposes. Notes: 1. The daughter of Morris is also working for the business. Morris gave a salary of 6,000 to her. For the same work, another staff receives a salary of 4,000 2. Few of his customers became bankrupt and Morris treated 1,600 as Bad and doubtful debt. Also, Bad and doubtful debts include 200 for Customer loan written off, 800 for supplier's loan written off, and 400 for former employee loan written off. 6 3. The donation includes 200 for Local Charity, 4,000 for National Charity, 800 is for the Political party. 4. Subscription paid 900 for sports club membership of Morris and 300 for printer's association and the remaining is for business purposes. 5. Interest expense includes 700, the interest on loan borrowed for the construction of the main Residence of Morris. 6. Repairs and maintenance include 5,000 for adding a room to store the papers, 1,500 for the purchase of a packing machine, 200 for painting the building. The remaining 1,800 is revenue expenditure for business purposes. 7. Other expenses include 200 staff parking fine during business hours, 100 parking fine of Morris during his official visit, 150 speeding fine for Morris, 500 for a penalty for not following the safety regulations and 50 is a wedding gift to staff, remaining 1,500 is for business purposes. Task 2: On 1 January 2013, Morris has started a sole trader business of printing-press preparing accounts on 31 December. His Profit and Loss Account for the year ended 31 December 2019 is as follows: Sales Less: Cost of Sales Gross Profit Add: other Income Interest received on Debenture 500,000 (200,000) 300,000 6,000 1,000 9,000 16,000 316,000 Interest from Individual Savings Account Dividend income Less: Expenses: Depreciation Wages and Salaries Interest Expense Subscription Donation Bad and doubtful debt Gift and Entertainment Other Expense Repairs and maintenance Car Lease Rent Car Expenses Legal fees at the acquisition of land NET PROFIT 20,000 15000 6,000 2,000 5,000 3,000 4,500 2,500 8,500 8,000 6,800 500 (81,800) 234,200 OM Twee RO Lp 14 2. tap Abd. . Shadow 112 . wy Chade 15 Task 2: On 1 January 2013, Morris has started a sole trader business of printing-press preparing accounts on 31 December. His Profit and Loss Account for the year ended 31 December 2019 is as follows: 500,000 (200,000) 300.000 6,000 1.000 9,000 16,000 316,000 Sales Less: Cost of Sales Gross Profit Add: other Income Interest received on Debenture Interest from Individual Savings Account Dividend income Less: Expenses: Depreciation Wages and Salaries Interest Expense Subscription Donation Bad and doubtful debt Gift and Entertainment Other Expense Repairs and maintenance Car Lease Rent Car Expenses Legal fees at the acquisition of land NET PROFIT 20.000 15000 6,000 2.000 5.000 3,000 4,500 2.500 8,500 8,000 6,800 500 (81.800) 234,200 Notes: 1. The daughter of Morris is also working for the business. Morris gave a salary of 6,000 to her. For the same work, another staff receives a salary of 4,000 2. Few of his customers became bankrupt and Morris treated 1,600 as Bad and doubtful debt. Also, Bad and doubtful debts include 200 for Customer loan written off, 800 for supplier's loan written off, and 400 for former employee loan written off. 6 3. The donation includes 200 for Local Charity, 4,000 for National Charity, 800 is for the Political party. 4. Subscription paid 900 for sports club membership of Morris and 300 for printer's association and the remaining is for business purposes. 5. Interest expense includes 700, the interest on loan borrowed for the construction of the main Residence of Morris. 6. Repairs and maintenance include 5,000 for adding a room to store the papers, 1,500 for the purchase of a packing machine, 200 for painting the building. The remaining 1,800 is revenue expenditure for business purposes. 7. Other expenses include 200 staff parking fine during business hours, 100 parking fine of Morris during his official visit, 150 speeding fine for Morris, 500 for a penalty for not following the safety regulations and 50 is a wedding gift to staff, remaining 1,500 is for business purposes. Notes: 1. The daughter of Morris is also working for the business. Morris gave a salary of 6,000 to her. For the same work, another staff receives a salary of 4,000 2. Few of his customers became bankrupt and Morris treated 1,600 as Bad and doubtful debt. Also, Bad and doubtful debts include 200 for Customer loan written off, 800 for supplier's loan written off, and 400 for former employee loan written off. 6 3. The donation includes 200 for Local Charity, 4,000 for National Charity, 800 is for the Political party. 4. Subscription paid 900 for sports club membership of Morris and 300 for printer's association and the remaining is for business purposes. 5. Interest expense includes 700, the interest on loan borrowed for the construction of the main Residence of Morris. 6. Repairs and maintenance include 5,000 for adding a room to store the papers, 1,500 for the purchase of a packing machine, 200 for painting the building. The remaining 1,800 is revenue expenditure for business purposes. 7. Other expenses include 200 staff parking fine during business hours, 100 parking fine of Morris during his official visit, 150 speeding fine for Morris, 500 for a penalty for not following the safety regulations and 50 is a wedding gift to staff, remaining 1,500 is for business purposes. Task 2: On 1 January 2013, Morris has started a sole trader business of printing-press preparing accounts on 31 December. His Profit and Loss Account for the year ended 31 December 2019 is as follows: Sales Less: Cost of Sales Gross Profit Add: other Income Interest received on Debenture 500,000 (200,000) 300,000 6,000 1,000 9,000 16,000 316,000 Interest from Individual Savings Account Dividend income Less: Expenses: Depreciation Wages and Salaries Interest Expense Subscription Donation Bad and doubtful debt Gift and Entertainment Other Expense Repairs and maintenance Car Lease Rent Car Expenses Legal fees at the acquisition of land NET PROFIT 20,000 15000 6,000 2,000 5,000 3,000 4,500 2,500 8,500 8,000 6,800 500 (81,800) 234,200