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BA4008Q: Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019: Business Decision Making Coursework LMU, UK
| University | London Metropolitan University (LMU) |
| Subject | Business Decision Making |
Instructions:-
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
You are required to:-
-
- Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019.
- Identify 3 limitations each of income statement and Statement of financial position (balance sheet).
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Note: Show all adjustments
Question
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
Ajay Ltd has been trading for a number of years as a wine merchant. The following list of balances has been extracted from his ledger as of 31 March 2019, the end of his most recent financial year.
| DR | CR | |
| £ | £ | |
| Advertising | 5,478 | |
| Insurance | 9,306 | |
| Trade Payables | 31,511 | |
| Purchases | 157,443 | |
| Drawings | 31,288 | |
| Rent and Rates | 18,612 | |
| Sales | 290,500 | |
| Heat and Light | 11,013 | |
| Delivery Costs | 10,132 | |
| Capital | 170,600 | |
| Salaries and Wages | 41,263 | |
| Cash in Hand | 950 | |
| Inventories at 1 April 2018 | 18,310 | |
| Trade Receivables | 31,099 | |
| Fixtures & Fittings at cost | 153,227 | |
| Accumulated Depreciation Fixtures & Fittings at 1 April 2018 | 66,710 | |
| Motor Vehicles at cost | 182,600 | |
| Accumulated Depreciation Motor Vehicles at 1 April 2018 | 93,500 | |
| Bank Overdraft | …………. | 17,900 |
| 670721 | 670,721 |
The following additional information is available as of 31 March 2019
- Inventories at the close of business on 31 March 2019 was valued at £25,550
- Insurances have been prepaid by £850
- Heating and Lighting is accrued by £2,210
- Rates have been prepaid by £4,482
- Delivery cost is accrued by £905
- The depreciation charge for Fixtures and Fittings for the year £12,584.
The depreciation charge for Motor Vehicles for the year £10,440.
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