QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows
GHS
Accumulated fund (1/06/2019) 58480800
Massage Palour inventory at beginning (1/06/2019) 11151000
Massage Palour Purchases 20980400
Building (Cost) 52946600
Equipment (Cost) 6608000
Furniture and fittings (Cost) 4130000
Subscriptions 4956000
Affiliation Fees 619500
Savings Account 14042000
Venue of the "Weekend in Paradise Trip" 289100
Executive Mens Club Entrance fees 495600
Massuer's Wages and Salaries 2065000
Accumulated Depreciation Building 21178640
Equipment 1652000
Furniture and Fittings 413000
Salaries 1982400
Rent 792960
"Weekend in Paradise Trip" expenses 495600
Administrative expenses 1437240
Interest on Savings account 784700
Sale of "Weekend in Paradise Trip" tickets 6277600
Bank account (Current) 10325000
Donation for "Weekend in Paradise Trip" 1528100
Revenue from Massage Palour 31388000Life membership fees 1528100
Utilities 817740
257365080
Additional Information
1. Massage Palour inventory (31st May 2020) 2230200
2. Subscription paid in advance by member for the year 2020/2021 991200
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum
4. Interest on saving includes an amount from the 2018/2019 year 41300
5. Affiliation fees was paid for the next 3 years on 1 June 2019
6. Utilities were prepaid at the end of the year 115640
7. Salaries were accrued at the end at the end of the year 165200
8. Parker Exclusive Mens Club organised a "Weekend in Paradise Trip" for
its members during the year
9. The Parker Exclusive Mens Club is affiliated to the International
Association of Executive Clubs
REQUIRED:
1. Prepare an Income and Expenditure Statement and a Statement of
Financial Position for the 2019/2020 Financial year
2. Use the information in 1. to fill the attached excel form.QUESTION 2
You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare
their accounts. You observe that they do not have a full set of accounts. However, you
extract the following data from their records
Balances as at 31/12/2019
Property, plant and
equipment
2065000
Accumulated Depreciation 503034
inventories 743400
Receivables 413000
Pepayments-Rates 16520
Bank 82600
Cash 24780
Creditors 165200
Electricity Accrued 10325
Balances as at 31/12/2020
inventories 1400070
Receivables 495600
Pepayments-Rates 18585
Bank overdraft 640150
Cash 24780
Creditors 189980
Electricity Accrued 12390
The records show cash and
bank transactions as follow:
Cash Receipts Balance B/D 24780
Sales 619500
Cash Payments Deposit into bank 619500
Bank Receipts Balance B/D 82600
Accounts Receivable 5782000
5% Loan received 1239000
Sale proceeds from sale of motor van 338660
Cash banked 619500
Bank Payments
Accounts Payables 4543000
Rates 371700
Electricity 82600
Telephone 61950
Loan Interest 61950
Insurance 41300
Wages and Salaries 826000
Drawings 1032500
Property, Plant and Equipment 1652000Sundry Expenses 28910
ADDITIONAL INFORMATION
The loan was received on 1st January 2019 and depreciation for PPE is at
20% per annum
Cost of motor van that was disposed off 413000
Accumulated Depreciation of the motor van that was disposed off 78470
Discount received during the year amounted to 82600
During the year the owner gifted a pair of earings to his daughter worth 82600
REQUIRED:
1. Prepare an Income Statement and a Statement of Financial Position for
the 2019/2020 Financial year
please provide the workings for me
QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop. Magna Qarta, to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records 2065000 503034 743400 413000 16520 82600 24780 165200 10325 Balances as at 31/12/2019 Property, plant and equipment Accumulated Depreciation inventories Receivables Pepayments-Rates Bank Cash Creditors Electricity Accrued Balances as at 31/12/2020 inventories Receivables Pepayments-Rates Bank overdraft Cash Creditors Electricity Accrued The records show cash and bank transactions as follow: Cash Receipts Cash Payments Bank Receipts 1400070 495600 18585 640150 24780 189980 12390 Balance B/D Sales Deposit into bank 24780 619500 619500 Balance B/D Accounts Receivable 5% Loan received Sale proceeds from sale of motor van Cash banked 82600 5782000 1239000 338660 619500 Bank Payments Accounts Payables Rates Electricity Telephone Loan Interest Insurance Wages and Salaries Drawings Property, Plant and Equipment 4543000 371700 82600 61950 61950 41300 826000 1032500 1652000 28910 Sundry Expenses ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off Accumulated Depreciation of the motor van that was disposed off Discount received during the year amounted to During the year the owner gifted a pair of earings to his daughter worth 413000 78470 82600 82600 REQUIRED: 1. Prepare an Income Statement and a Statement of Financial Position for the 2019/2020 Financial year 2. Use the information in 1. to fill the attached excel form. QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows 11151000 2090400 Accumulated fund (1/06/2019) Massage Palour investoy at beginning (1/06/2019) Massage Palour Purchases Building (Cost) Equipment Cost) Purniture and fittings (Cost) Subscriptions Affiliation Fees Savings Account Venue of the Weekend in Paradise Trip Executive Mens Club Entrance fees Massuer's Wages and Salaries Accumulated Depreciation Building Equipment Furniture and sings Salaries 619500 14042000 21178540 413000 137240 Weekend in Paradise Trip' expenses Administrative expenses Interest Savings account Sale of "Weekend in Paradise Trip" tickets Bank account Current) Donation for "Weekend in Paradise Trip" Revenue from Massage Palour Life membership fees 31770 2230200 Additional Information 1. Massage Palour inventory (31st May 2020) 2. Subscription paid in advance by member for the year 2020/2021 3. Depreciation : Building 2% per annum. Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year S. Mlation fees was paid for the next 3 years 1 June 2019 & Utilities were prepaid at the end of the year 7. Salaries were accrued at the end at the end of the year Parker Exclusive Mens Club organised a Weekend in Paradise Trip its members during the year 9. The Parker Exclusive Mens Club is affiliated to the International Association of Executive Clubs 145.00 QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop. Magna Qarta, to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records 2065000 503034 743400 413000 16520 82600 24780 165200 10325 Balances as at 31/12/2019 Property, plant and equipment Accumulated Depreciation inventories Receivables Pepayments-Rates Bank Cash Creditors Electricity Accrued Balances as at 31/12/2020 inventories Receivables Pepayments-Rates Bank overdraft Cash Creditors Electricity Accrued The records show cash and bank transactions as follow: Cash Receipts Cash Payments Bank Receipts 1400070 495600 18585 640150 24780 189980 12390 Balance B/D Sales Deposit into bank 24780 619500 619500 Balance B/D Accounts Receivable 5% Loan received Sale proceeds from sale of motor van Cash banked 82600 5782000 1239000 338660 619500 Bank Payments Accounts Payables Rates Electricity Telephone Loan Interest Insurance Wages and Salaries Drawings Property, Plant and Equipment 4543000 371700 82600 61950 61950 41300 826000 1032500 1652000 28910 Sundry Expenses ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off Accumulated Depreciation of the motor van that was disposed off Discount received during the year amounted to During the year the owner gifted a pair of earings to his daughter worth 413000 78470 82600 82600 REQUIRED: 1. Prepare an Income Statement and a Statement of Financial Position for the 2019/2020 Financial year 2. Use the information in 1. to fill the attached excel form. QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows 11151000 2090400 Accumulated fund (1/06/2019) Massage Palour investoy at beginning (1/06/2019) Massage Palour Purchases Building (Cost) Equipment Cost) Purniture and fittings (Cost) Subscriptions Affiliation Fees Savings Account Venue of the Weekend in Paradise Trip Executive Mens Club Entrance fees Massuer's Wages and Salaries Accumulated Depreciation Building Equipment Furniture and sings Salaries 619500 14042000 21178540 413000 137240 Weekend in Paradise Trip' expenses Administrative expenses Interest Savings account Sale of "Weekend in Paradise Trip" tickets Bank account Current) Donation for "Weekend in Paradise Trip" Revenue from Massage Palour Life membership fees 31770 2230200 Additional Information 1. Massage Palour inventory (31st May 2020) 2. Subscription paid in advance by member for the year 2020/2021 3. Depreciation : Building 2% per annum. Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year S. Mlation fees was paid for the next 3 years 1 June 2019 & Utilities were prepaid at the end of the year 7. Salaries were accrued at the end at the end of the year Parker Exclusive Mens Club organised a Weekend in Paradise Trip its members during the year 9. The Parker Exclusive Mens Club is affiliated to the International Association of Executive Clubs 145.00
