Test your understanding -1

علوم المحاسبة المالية والإدارية والتكاليف المحاسبة المالية
1

[align=left:de25f35037]Task. Jayne started to trade as an agent for the sale of canal cruisers on 1 January. During her first month of trading she:

sold boats for £53,000, comprising £10,000 for cash and the remainder on credit terms.

introduced £20,000 of her own money into the business.

An aunt lent her a further £10,000.

rented premises on 1 January

and paid £500 as two months rent in advance on that day.

The costs of running her premises, including the wages of an assistant, were paid in cash on the last day of the month for the sum of £980. She was unable to pay her electricity bill as the meter had not been read, but estimated the cost for the month as £50. An insurance premium for a year’s cover was paid on 1 January. It cost £1,200. During the month boats were purchased for £47,000, and so far £7,000 has been paid to the suppliers. Boats remaining unsold on 31 January had cost £15,000.

Required:

Calculate the profit Jayne made during January.

Calculate how much money she has left in the business bank account.

Prepare Jayne’s balance sheet as at 31 January.

Hint: start by identifying all cash receipts and payments and adjusting the bank balance accordingly.

Do this by identifying cash transactions classifying as either income which increases the bank balance OR expenditure which decreases the bank balance

Do not forget that you have to add together cash sales and credit sales to arrive at the sales figure in the Trading account[/align:de25f35037].[/align]

2

هل من يحاول الأجابة على هذا السؤال أمر هين … أين المحاسبين الأذكياء الذين يقبلون التحدي اين الطلبة الذين يريدون الحلول أين دارسى سي أم أيه … مطلوب مشاركة في حل هذه المسئلة أنا وجدت ولمست ان الغالبية جزاهم الله خيرا يهابون المشاركة في هذه النوعية من المسائل مع ان هذه المسائل هي التي تصقل مواهبك وقدرتك على فهم المحاسبة … احب ان اضيف ان الأنسان منا يتعلم من أخطائه الخجل لن يعلم علما ولن يأتي بشاهدة فهل هناك من هو قادر على قبول التحدي ؟؟

3

أخي الفاضل الأستاذ محمد بشارة

بالفعل هذه النوعية من الأسئلة نحن في حاجة لها جميعاً و لكن دعنا نجعلها مبدئياً باللغة العربية لأن حالة خريجي الجامعات العربية بالنسبة للتعامل مع المفردات الأنجليزية بالفعل حالة يرسى لها

و الشئ الأخر الذي لاحظته عدم أهتمام أحد بالشركات المساهمة رغم الأهمية القصوى للمحاسبة عنها و حتى الأسئلة التي ترد قلما تحتوي هذا النوع من المحاسبة

4

[align=left:295486d58a]Answer to Test your understanding - 1 £ £ Sales 53,000 Purchases 47,000 Less: Closing Stock (15,000 ) 32,000 Gross Profit 21,000 Less Overheads: Rent 250 Wages 980 Electricity 50 Insurance 100 ( 1,380 ) Net Profit £19,620 ===== ( JAYNE’S BANK ACCOUNT Cash Sales of Boats 10,000 Cash Paid in at start 20,000 Money received from aunt 10,000 40,000 Rent paid out 500 Wages 980 Insurance 1,200 Paid to suppliers 7,000 9,680 £30,320 If you are having difficulty with this, look back carefully at the definitions to check phrasing. This may give you a clue as to what should be included in the bank account and what does not belong in there. © Jayne’s Balance Sheet: now that the cash position has been calculated the items need to be separated into assets, liabilities and capital. Stock 15,000 Debtors 43,000 Prepayments 1,100 250 Bank 30,320 89,670 Creditors 40,000 Accrual 50 (40,050) 49,620 Loan (10,000) 39,620 ====== Capital 20,000 Profit 19,620 39,620 remember what all these lines mean? the one under the bank figure of 30,320 means add up the collumn of figures above the line. Well strictly speaking it means to compute the above figures. The difference is that figures in brackets must be deducted and not added to the total. This total of 89,670 is moved to the right to make the totals stand out. the line under the accrual figure of 50 means add up the above collumn until you reach another line which means stop and go no further . In other words it means add up 40,000 and 50. the one below the figure of 40,050 which is the total of current liabilities means deduct total current liabilities from the total current asset figure (89,670) and so on. The double underline is another way to say there is no more adding up to do in this bit. [/align:295486d58a]