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  • CE1-Acctg-FinalExam-2022 - P2 - Q 2

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    Billy operates a small business and was able to provide financial information for April 30, 2022, the end of the financial year. On May 1, 2021 the business had $2,300 cash, $22,400 in delivery vehicles, $16,600 in inventory, $4,300 in receivables, and $6,140 in payables. The cash book extract shows transactions from May 1, 2021 to April 30, 2022 including $82,980 in receipts, $10,000 bank loan, and $24,900 in drawings. Billy needs to prepare an income statement for the year ended April 30, 2022 and a statement of financial position as of April 30, 2022.

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    accounting is the most important subject for u clubs and societies this is

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    CE1-Acctg-FinalExam-2022_P2_Q 2

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    Billy operates a small business and was able to provide financial information for April 30, 2022, the end of the financial year. On May 1, 2021 the business had $2,300 cash, $22,400 in delivery vehicles, $16,600 in inventory, $4,300 in receivables, and $6,140 in payables. The cash book extract shows transactions from May 1, 2021 to April 30, 2022 including $82,980 in receipts, $10,000 bank loan, and $24,900 in drawings. Billy needs to prepare an income statement for the year ended April 30, 2022 and a statement of financial position as of April 30, 2022.

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    8 views3 pages

    CE1-Acctg-FinalExam-2022 - P2 - Q 2

    Uploaded by

    nadine
    Billy operates a small business and was able to provide financial information for April 30, 2022, the end of the financial year. On May 1, 2021 the business had $2,300 cash, $22,400 in delivery vehicles, $16,600 in inventory, $4,300 in receivables, and $6,140 in payables. The cash book extract shows transactions from May 1, 2021 to April 30, 2022 including $82,980 in receipts, $10,000 bank loan, and $24,900 in drawings. Billy needs to prepare an income statement for the year ended April 30, 2022 and a statement of financial position as of April 30, 2022.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    4. Billy has never kept full accounting records.

    However, at 30 April 2022, the end of his


    business’s financial year, he is able to provide the following information.

    At 1 May 2021 the business’s statement of affairs contained the following details:

    1 May 2021 30 April 2022


    $ $
    Cash at bank 2,300 ?
    Delivery Vehicle (Net book value) 22,400 19.700
    Accrued Electricity 350 440
    Prepaid General Expenses 480 270
    Inventory 16,600 19,300
    Trade Receivables 4,300 3,950
    Trade Payables 6,140 7,480

    Cash Book (Extract)


    2021 $ 2022 $
    May 1 Balance b/d 2,300 April 30 Rent 6,820
    2022 April 30 General expenses 11,240
    April 30 Trade Receivables 82,980 April 30 Electricity 4,110
    April 30 Bank Loan 10,000 April 30 Loan Repayments 2,000
    April 30 Drawings 24,900
    April 30 Trade Payables 45,120
    April 30 Balance c/d 1,090
    95,280 95,280

    Prepare:
    a. Income Statement for the year ended 30 April 2022 (20%)
    b. Statement of Financial Position as at 30 April 2022 (16%)

    Page 9 of 12
    Answer sheet for Question 4a and 4b

    Page 10 of 12
    Page 11 of 12

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