商务会计.docx
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商务会计.docx
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商务会计
Assessmentchecklist
Unitassessment:
Candidate’sassessmentrecord
BusinessAccounting—F84M34
Class:
Candidate’sname:
Group:
CandidateID:
Outcome1&2
Assessment1
Recordofperformance
Evidencerequirements
◆Prepareanincomestatement,astatementoffinancialpositionandastatementofchangesinequity,fromayearendtrialbalance,foralimitedcompany,forinternaluse
◆Incorporatesixyear-endadjustmentsintotheaccounts—otherpayables,otherreceivables,depreciation,closinginventory,financecostsandcorporationtax
◆Prepareacashbudgetfromsalesandcostinformationprovided.Costsshouldinclude:
purchases(cashandcredit),rawmaterials,laborhoursandrates,variableproductionoverheadrate,fixedcosts,fixedproductionoverheads.salesshouldincludebothcashandcreditsales
◆Calculatetheopeningandclosingcashbalances
◆Calculatethebreak-evenpoint
Satisfactory/UnsatisfactoryComments
Thecommentcolumncanbeusedtohighlightanyre-assessmentthatmaybeneeded.
Overallcomments:
Assessor’ssignature:
Date:
BusinessAccounting—F84M34
Date
Time:
Totalmarks—100
Section1—70marks
AttemptALLquestions.
Section2—30marks
AttemptALLquestions.
Instructions
Thesubmissionisintheformofanindividualwrittenreport.Thisshouldbewritteninaconcise,formalbusinessstyleusingsinglespacingandfontsize12.
Youarerequiredtomakeuseofheadings,paragraphsandsubsectionsasappropriate,andallworkmustbesupportedwithresearchandreferencedusingtheHarvardreferencingsystem.
PleasealsoprovideabibliographyusingtheHarvardreferencingsystem.Therecommendedwordlimitis1,000words,althoughyouwillnotbepenalizedforexceedingthetotalwordlimit.
Information
•Thetotalmarkforthispaperis100.
•Themarksforeachquestionareshowninbrackets
•Calculatorsmaybeused.
SECTION1—70marks
Outcomescovered1
Instructions
AssumingyouarethejunioraccountantwithTCCLtd,forinternalusedpurpose,basedonthefollowingtrialbalancethatextractedfromthecomputerizedrecordkeepingsystemofTCCLtdasat31December20X9,theadditionalinformationshownbelow.
Accountname
Dr
Cr
£'000
£'000
Ordinarysharecapital(£1atparvalue)
600
8%preferencesharecapital
300
Generalreserve(1stJan.20x9)
150
Retainedearnings(1stJan.20x9)
120
10%debentures(repayable2030)
250
Debentureinterestpaid
15
Land&buildings
1,000
Fittings&fixtures
800
Motorvehicles
500
Provisionsfordepreciation(1stJan.20x9)
Fittings&fixtures
160
Motorvehicles
200
Purchases
220
Revenues
1,647
Inventory(1stJan.20x9)
50
Administrationexpenses
90
Auditfees
49
Bad&doubtfuldebts
17
Bank
59
Cash
235
Tradereceivables
385
Tradepayables
192
Director'sremuneration
102
Distributioncost
65
Rents&rates
50
Wages&salaries
100
Total
3,678
3,678
AdditionalNotestoaccounts:
1.Closinginventoryat31December20x9wasvaluedat£65,000.
2.Administrationexpensesof£8,000willbedueforworkcarriedoutduringtheyear–noinvoicehasyetbeenreceivedandsonoaccounthasyetbeentakenofthisexpense.
3.Rents&ratesincluding£5,000whichrelatestothecomingyear.
4.(a)Provideforfixtures&fittingsdepreciationattherateof10%perannumusingthestraight–linemethod.
(b)Provideformotorvehiclesdepreciationattherateof20%perannumusingthereducingbalancemethod.
5.Provideforcorporationtaxof£30,000.
6.Transfer£20,000fromtheretainedearningstothegeneralreserves.
7.Debentureinterestshouldbepaidinfull.
8.Preferencedividend,duemid-December,shouldbeprovidedforinfull.
Youarerequiredtopreparethedraftof:
(a)Incomestatementsfortheyearended31December20X9.
(b)Statementoffinancialpositionasat31December20X9.
(c)Statementofchangesinequity.
Proformalayout
Pleasenotethatthisproformaprovidesaguidetothestructureandpresentationofthefinancialstatements—itisnotanexhaustivelistofallpossibleitems.
Incomestatementfortheyearended
notes
£'000
£'000
Revenue
Less:
Costofsales
Grossprofit
Less:
expenses
Add:
otheroperatingincome
Operatingprofit
Add:
financeincome
Less:
financecost
Profitonordinaryactivitiesbeforetaxation
Less:
Taxation
Profitonordinaryactivitiesaftertaxationandprofitfortheyear
Statementoffinancialpositionasat
NCA
notes
£’000
£’000
CA
TotalAssets
Equity&reserves
NCL
CL
Totalequityandliabilities
Statementofchangesinequity
Sharecapital
Generalreserve
Retainedearnings
Totalequity
£’000
£’000
£’000
Balanceat
Balanceat
Notes
SECTION2—30marks
Outcomescovered2
FuturestateLtdisamajorPharmaceuticalcompanyinthemedicalsuppliesindustry,haverecentlydevelopedandtestedanewantibioticforthecoronavirus.Themanagementarenowconsideringalimitedlaunchofthenewproductoverasix-monthperiodfortheClinicaltrialpatients.
AstheProjectmanagerfortheR&Dofthenewproductyouhavecompliedandcollatedthefollowingdemandunitsandproductioncostinformationforthereviewperiod.
1.Budgeteddata:
Units
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Sales
1200
1800
2600
2400
3200
2800
Closinginventory
300
600
200
900
500
550
850
2.Thecashbalanceat1Octoberis£25,000
3.Thesellingpriceis£40/unit.
4.Salesare50%cash(retailers)and50%credit(hospital&clinics).
Paymentforcreditsalesisreceived1monthafterthemonthofsale.
Cashsalesarealloweda10%tradediscount.
5.Rawmaterialscosting£12/uareallpurchasedoncreditandarepaidfor2monthaftertheiruseinproduction.
6.Directlabor(£15/u)andvariableoverhead(£5/u)arepaidforinthemonthinwhichtheyareincurred.
7.Fixedoverheadsare£2,600pemonth(including£700permonthdepreciation),thesearetobepaidinthemonththeunitsareproduced.
8.Abankloanof£3,000wasraisedinNovemberonlythisyear.Repaymentsoftheloanwillbeonthecomingyear.
9.Newmachineryisboughtcosting£30,000andispaidforin3equalmonthlyinstalmentsstartinginOctober.
10.Insuranceof£5,000perquarterpaidinadvance,thefirstquarterbeginningon1October.
11.Sharedividendsof£1,000isreceivedeverymonth.
Requirements:
(a)Pleasepreparetheproductionbudgetsfor6months(JulytoDecember)andcashbudgetsforthe3months(OctobertoDecember).
(b)Usingtheappropriateformulacalculateandshowthenumberofproducts&salesvaluethatarerequiredtobesoldtobreak-evenoverthetrialperiod.
(a)Salesunits
June
July
August
September
October
November
December
Salesunits
1200
1800
2600
2400
3200
2800
Productionbudgetunits
Productionunits
June
July
August
September
October
November
December
Sales
1200
1800
2600
2400
3200
2800
Closinginventory
300
600
200
900
500
550
850
Cashbudget
October
November
December
Cashreceipts
Totalreceipts
Cashpayments
Totalpayments
Openingbankbalance
Add:
totalreceipts
Less:
totalpayments
Closingbankbalance
(b)BEPinunits&BEPinvalue(£)
Sellingprice/u
Less:
vc/u
Contribution/u(£/u)
TotalFixedcosts
BEP(units)
BEP(value)
_________________________________________Theend______________________________________________
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