Business Accounting
Autor: adnanbhatti • July 25, 2011 • Study Guide • 1,001 Words (5 Pages) • 1,909 Views
Name: Adnan Qadeer Bhatti
Student Number: 1002129/1
BABM (T: 2 Group 1)
Business Accounting
(SBMG4002)
Assignment: 1
Lecturer Name: Omwenga Mwambi
Due DATE: 28TH April 2011
Lampeter Agricultural Supplies Trading and Profit And Loss Account for the year ended 31st December 2010
£ £
Sales 950,000
Less cost of sales
Opening Stock 360000
Purchases 480000
840000
Less Closing Stock (378000)
(462000)
Gross Profit 488,000
Less expenses
Advertising 10000
Electricity 6000
Insurance 25000
Rent & Rates 32000
Salaries & Wages 56000
Stationary 4000
Telephone 7000
Vehicle running expenses 14000
Deprecation on fixed Assets 30000
(184000)
Net Profit 304,000
QUESTION NUMBER 1:
Lampeter Agricultural Supplies Balance sheet as at 31st December 2010
£
£
Non-Current Assets
Fixed Assets 300000
Less Deprecation on Fixed Assets (90000)
210000
Current assets
Closing Stock 378000
Debtors 12000
390000
Less Current Liabilities
Creditors (23000)
Bank
...