Exam Style Practice Questions 3
Question 1 - Final Accounts
Below is the trial balance of Darcey Tools
Trial Balance as at 31st December 2013
DR £
CR £
Sales
750,000
Sales Returns
400
Discount Received
11,200
Purchases
110,000
Purchase Returns
300
Carriage Inwards
250
Commission Received
19,500
Rent Received
36,000
Stock as at 1/1/13
5,500
Wages & Salaries
78,000
Insurance
1,100
Electricity
1,020
Carriage Outwards
360
Stationary
550
Rates
4,500
Motor Expenses
620
Land and Buildings
650,000
Plant and Machinery
110,000
Provision for Depreciation Plant and Machinery
33,000
Motor Vehicles
40,000
Provision for Depreciation Motor Vehicles
7,600
Debtors
11,500
Provision for doubtful debts
500
Bank
31,000
Cash
2,200
Creditors
6,500
Bank Loan
28,000
Interest
2,800
Capital
186,700
Drawings
29,500
1,079,300
1,079,300
Closing stock as at 31/12/13
5,800
Adjustments
Rates Accrual
200
Wages and Salaries Accrual
800
Prepaid Income Rent Received
1,100
Prepayment Insurance
150
Plant and Machinery are depreciated at 10% on cost (straight line), and Motor Vehicles are depreciated 10% reducing balance. Depreciation has not as yet been calculated for the year.
£200 of the Debtors is irrecoverable and should be treated as Bad Debt.
The Provision for Doubtful Debt for the year is to include; a specific debt of £350 plus 10% of remaining debtors
You are required to: Prepare the Trading Profit & Loss Account for year ending 31st December 2013 and Balance Sheet as at 31st December 2013.
Question 2 – Ratio Analysis
Trading Profit and Loss Account
2012
2012
2013
2013
£
£
£
£
Sales
990,000
1,250,000
Less cost of sales
Opening Stock
8,500
12,500
+ Purchases
210,000
590,000
- Closing Stock
-8,000
-14,500
Cost of Sales
210,500
588,000
Gross Profit
779,500
662,000
Administration costs
28,000
55,000
Net Profit
751,500
607,000 Balance Sheet
2012
2012
2013
2013
£
£
£
£
Fixed Assets
980,000
1,350,000
Current Assets
Stock
8,000
14,500
Debtors
15,500
17,500
Bank
41,500
5,000
65,000 37,000
Current Liabilities
Creditors
11,500
16,500
1,033,500
1,370,500
Financed by:
Capital
330,000
57,000
Less Drawings
-48,000
-45,000
Profit & Loss Account
751,500
1,358,500
1,033,500
1,370,500
You are required to;
a) Calculate Net Profit Margin for both 2012 and 2013
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