AC4052 Financial Accounting Assignment
- Subject Code :
AC4052
- University :
London Metropolitan University Exam Question Bank is not sponsored or endorsed by this college or university.
- Country :
United Kingdom
SECTION B
Question 1
Mr and Mrs Evgeni run a private company, Evgeni Gifts Ltd, selling gifts and Jewellery items from the Far-East. Mr Evgeni has asked you to prepare set of financial statement for the year ended 31 December 2021 as soon as possible. The company’s accountant had to take time off due to health issues. The following balances have been extracted from the records of the company for the year ended 31 December 2021.
Additional Information:
- Stock at 31st December 2021 valued at cost amounted to £22,500.
- Depreciation is to be provided on fixtures and fittings at 20% on cost, and at 10% on reducing balance method for motor vehicle.
- Provision is to be made for electricity for £725.
Insurance paid in advance at 31st December 2021 was £525.
Required
- Prepare Income statement for the year ended 31st December 2021. (10Marks)
- Prepare Balance Sheet as at 31st December 2021. (15 Marks)
Identify FIVE accounting concepts that have been applied in the preparation of financial Statements and explain their meaning. (10 Marks)
Total 35 Marks
Question 2
The following Balance Sheets of financial positions for the year ended 31st December 2020 and 2021 have been prepared for Boris Limited
Additional information:
There were no purchases or sales of plant and machinery during the year.
Required
- Mr Boris has asked you to prepare Boris Limited’s statement of cash flows for the year ended 31st December 2021. (18 Marks)
- Write a short memo to Mr Boris explaining the findings of your statement of cash flow. (7 Marks)
Total 25 Marks
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