CHAPTER 46 Accounts for Service Firms

Slides:

Advertisements

Similar presentations

FINAL ACCOUNTS.

Advertisements

Balance Sheets Assets = Liabilities + Owner’s Equity.

What are the account classifications Asset Asset Liability Liability Owner’s Equity Owner’s Equity Revenue Revenue Expense Expense.

Introduction to Accounting Book keeping Accounting This is a process of detailed recording of all the financial transaction of a business. Each financial.

AC 113- Unit 3 Chapter 2.

Financial Accounting 1 Lecture – 33 Question Following trial balance has been extracted from the books of Javed Furniture Manufacturers on June 30, 2002.

Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1999 Accounting Records and Systems © The McGraw-Hill Companies, Inc., Part One: Financial.

2006 Cash Flow Statement Sources of cash: Beginning cash balance Cash receipts from product sales Other sources of cash Total sources of cash Uses of cash:

Chapter 14. Working Capital Management Working-Capital Management n Current Assets u cash, marketable securities, inventory, accounts receivable n Long-Term.

Chapter 3. SALES SALES - Cost of Goods Sold GROSS PROFIT GROSS PROFIT - Operating Expenses OPERATING INCOME (EBIT) OPERATING INCOME (EBIT) - Interest.

AGEC 489/689 Spring 2009 Detailed View of Financial Statement Linkages Slide Show #3.

Charter Partners Institute eVenture Financial Case Guide Note: This is only a guideline. Presentations should be adapted to bring out the important financial.

OCR Level 3 Cambridge Technicals in Business Unit 4: Business Accounting Layout of a Balance Sheet.

FINANCE BASIC FACTS. Sources of funds Internal Retained profits Sale of assets Using trade credit Investing surplus cash Reducing inventory External Personal.

@ 2012, Cengage Learning Completing the Accounting Cycle LO 2 – Preparing the Financial Statements.

T HE F INANCIAL S TATEMENTS OF THE LIMITED C OMPANIES AND C ASH F LOW S TATEMENT Profit&Loss Statement, Balance Sheet, Cash Flow Statements.

Review from Yesterday Work Sheet is an informal business paper used to organize and plan the information for the financial Introduced to 6 column work.

As a Book-Keeper it is important that you can identify and categorise items of business income and expenditure Income (business receipts) – can either.

The Financial Statements Presentations for Chapter 2 by Glenn Owen.

Balance sheet as at 01/04/11 $000$000$000 Fixed assets 500 Current assets: Stock 50 Debtors 150 Cash

U NDERSTANDING G ENERAL L EDGER Course Trading Statement Profit and Loss Statement Reset - Sections Appropriations Appropriation Assets Liabilities.

Overtrading happens when a business tries to do too much too quickly with too little term capital.

Chapter 7 Preparation of a Sole Trader’s Financial Statements.

Quible Security Systems Income Statement Year Ended December 31, 2010 $XXX,XXX $XX,XXX $XXX,XXX $XX,XXX REVENUES: Service Revenue EXPENSES: Salary expense.

FINAL ACCOUNTS Trading Account – shows Gross Profit Profit and Loss Account – shows Net Profit Balance Sheet – shows what the business owns and owes and.

$$ Entrepreneurial Finance, 5th Edition Adelman and Marks Pearson Higher Education ©2010 by Pearson Education, Inc. Upper Saddle River, NJ Chapter.

Chart of Accounts.

WORKSHEET. STEP 1: WRITE THE HEADING  WHO  WHAT  WHEN  ACROSS THE TOP OF THE WORKSHEET.

The process Revision. All information must be recorded Money from Customers is recorded on a Receipt Money paid to suppliers and employees on a Cheque.

PROF. MS. TRUPTI NAIK Accounting Terms (Semester I)

Easy Start 1Define the following key words: Asset, Liability, Gross profit, Net Profit, Creditor, Debtor, Cashflow, Balance sheet, Profit & loss, Expenses,

How Accountants Use Balance Sheets  Account Form Report Form heading ASSETSLiabilities and Capital HEADINGS Assets Liabilities and Capital.

Chapter Eighteen Financial and Legal Management. Chapter Focus Determine the financing needs of your business. Define basic financing terminology. Explain.

 Cost of Sales – How much it costs the company to make or buy goods.  Gross profit – profits made before paying bills  Net Profit – profits made after.

Closing accounts, chapter 91 Closing Accounts REAL ACCOUNTS Accounts that ________ into the next fiscal period  example A/P or Bank; most real accounts.

Financial Statements A set of Financial Statements consist of four related accounting reports that summarizes the financial resources, obligations, profitability.

CHAPTER 41 FINAL ACCOUNTS 2 Based on Qs 5 and 6: 13: 24 and 25 in the Textbook, Pages 382 to 384.

Double Entry System 3 DRCR FINANCIAL STATEMENTS.

BASICS OF ACCOUNTING Its importance in actuarial world Baltic Actuarial Summer Days 2008, Estonia Kristīne Lomanovska, Inga Helmane.

LEARNING AIM C: Understand how businesses measure success and identify areas for improvement.

PREPARE THE FOUR FINANCIAL STATEMENTS 1. INCOME STATEMENT 2. RETAINED EARNINGS STATEMENT 3. BALANCE SHEET 4. CASH FLOW STATEMENT.

Balance Sheets “The balance sheet is an accounting statement that shows an organisation’s ASSETS (what the business owns) and LIABILITIES (what the business.

 Students are able to explain the components of a balance sheet and create a balance sheet.

4.04 Statement of Cash Flows

LESSON 15-1 Preparing an Income Statement

BALANCE SHEET INFORMATION ON A WORK SHEET

Final Accounts with Adjustments HL only

Create a P& L account from the list below with how they are calculated

Chapter 18 – Worksheets and Classified Financial Statements

Section 1 The income statement

Shawn Leamon, LAGRANDE GLOBAL

BALANCE SHEET INFORMATION ON A WORK SHEET

BALANCE SHEET INFORMATION ON A WORK SHEET

Chapter 3 Financial Statements

إعداد القوائم المالية Preparation of Financial Statements

BUSINESS HIGH SCHOOL-ACCOUNTING I

General Money Management & Personal Savings and Investment

LESSON 7-1 Preparing an Income Statement

One Ordinary Level Type Q

CHAPTER 44 Assessment and Interpretation of Accounts

Lesson 8-2 (GJ) BALANCE SHEET Lesson 8-2, page 181.

Entrepreneurship, Continued Financial Statements

LESSON 15-1 Preparing an Income Statement

LESSON 15-1 Preparing an Income Statement

CHAPTER 18 BUSINESS FINANCE 21/05/2019 This is the Title Slide

Financial Statements.

CHAPTER 47 Accounts for Service Firms

CHAPTER 42 FINAL ACCOUNTS 3

LESSON 15-1 Preparing an Income Statement

Business Accounts: the Balance Sheet

Presentation transcript:

CHAPTER 46 Accounts for Service Firms 21/05/2019 CHAPTER 46 Accounts for Service Firms Questions 3 and 4 Textbook: Operating Statements and Balance Sheets. Ordinary Level Only This is the Title Slide R. DELANEY

Q3 Page 439 Textbook (OL) OPERATING STATEMENT AT 31/12/10 (O LEVEL) R. Delaney Q3 Page 439 Textbook (OL) OPERATING STATEMENT AT 31/12/10 (O LEVEL) Income € € € Tuam 160,000 Ballinasloe 114,600 Athenry 125,500 400,100 Expenditure Vehicle insurance 40,000 Office expenses 7,800 Servicing of trucks 18,000 Drivers' wages 56,000 Diesel 45,000 Road Tax 6,450 Advertising 7,500 180,750 Net Profit 219,350

Q3 Page 439 Textbook (OL) BALANCE SHEET AS AT 31/12/10 Fixed assets € R. Delaney Q3 Page 439 Textbook (OL) BALANCE SHEET AS AT 31/12/10 Fixed assets € € € Premises 120,000 Motor vehicles 400,000 520,000 Current assets Cash 6,350 Less Current liabilities Bank overdraft 7,000 Working capital -650 Net Assets 519,350 Financed by: Issued share capital 300,000 Net profit 219,350 Capital employed 519,350

Q4: Page 440 Textbook Operating Statement T 31/12/11 (O Level) Income R. Delaney Q4: Page 440 Textbook Operating Statement T 31/12/11 (O Level) Income € € € Monaco 150,000 Morocco 180,000 Miami 109,000 439,000 Expenditure Insurance 17,000 Admin expenses 23,400 Bonding fee 30,000 Light and heat 20,000 Printing 23,000 Telephone 5,200 Advertising 43,000 161,600 Net Profit 277,400

Q4: (cont) BALANCE SHEET AS AT 31/12/11 Fixed Assets € € € Premises R. Delaney Q4: (cont) BALANCE SHEET AS AT 31/12/11 Fixed Assets € € € Premises 300,000 Office equipment 90,000 390,000 Current Assets Cash 2,100 Current Liabilities Bank overdraft 14,700 Working capital -12,600 Net Assets 377,400 Financed by: Issued share capital 100,000 Net profit 277,400 Capital employed 377,400