Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The figures below are balances extracted from the accounts of a construction company at the year end: Opening Closing Creditors 1,684 5,465 Debtors 5,589 6,681
The figures below are balances extracted from the accounts of a construction company at the year end: Opening Closing Creditors 1,684 5,465 Debtors 5,589 6,681 Accruals Wage/Salaries 384 577 Accumulated depreciation building 40,000 40,500 Accumulated depreciation equipment 1,360 1,520 Overdraft 2,000 7,500 Building (at cost) 150,000 150,000 Share Capital 100,000 100,000 Cash 7,470 14,649 Equipment ( at cost) 3,400 9,400 Land 23,000 23,000 Stock 8,950 8,500 other Current Assets 1,245 1,350 Prepaid Insurance 600 0 Profit & Loss Account 54,826 58,018 Receipts from Sales 20,362 Payments to Suppliers 6,289 Wages 2,327 Bank Interest payments 400 Taxation 1,700 Miscellaneous operating expenses 1,862 Required: 1.1 Prepare a balance sheet for the company as at the year end 7 marks 1.2 Prepare a profit and loss account in respect of these figures. 7 marks 1.3 Prepare a cash flow statement for the company during the year. 7 marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started