QUESTION THREE a) Final Accounts are prepared to determine the profitability, net worth and liquidity of the business in a given period of time. i) Identify 3 main statements that are prepared periodically to achieve the above 3 purposes. [3] ii) Identify the main elements that are dealt with in the Balance Sheet [2] b) The table below is a Trading and profit and Loss Account. Calculate the missing figures from i) to xx) [10] NET PROFIT (K) COST OF SALES (K) EXPENSES (K) TURNOVER (K) GROSS PROFIT (K) I 1,500,000 1,500,000 5,500,000 ii 1,000,000 2,550,000 iii iv 4,000,000 V vi 3,000,000 10,123,000 7,123,000 vii 6,000,000 2,200,000 viii 5,000,000 200,000 500,000 ix 1,200,000 x Xi Xii 20,000,000 25,000,000 18,000,000 (2,000,000) 8,100,000 xiii xiv (2,300,000) (750) 250 xv 500 xvi (2,688,797) 33,000,000 xvii xviii 17,311,203 Xix 3,500,000 12,000,000 13,000,000 xx c) The Balance Sheet is a statement that shows the financial position of the business at any given time. Compute the missing figures for the balance sheet [5] Capital Net Profit Net Assets Working Capital Drawings Fixed Assets 30,000,000 35,000,000 55,000,000 i) ii) 20,000,000 iv) 40,000,000 iii) 10,000,000 35,000,000 65,000,000 45,000,000 v 80,000,000 40,000,000 15,000,000 vi 3,500,000 1,500,000 vii) 2,500,000 500,000 viii) 10,000,000 500,000 X ix) 350,000 5,000,000