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Operation and Logistics

In: Business and Management

Submitted By lovesh
Words 1056
Pages 5
The Open University of Mauritius
Financial Accounting
Revision Session 2
Question 1
a)
Building
Goodwill
Fittings
Inventory
Accounts receivable
Accrued expenses
Barnes
Darwin
b)

Dr
$
4,000
12,000

Cr
$

2,000
500
200
300
7,800
5,200

Barnes, Darwin and Fox
Balance Sheet as at 31 March 2014
$
$
Non-Current Assets
Goodwill
12,000
Buildings
55,000
Fittings
27,000
94,000
Current Assets
Inventory
15,500
Accounts receivable
4,800
Bank
22,000
42,300
136,300
Current Liabilities
Accounts payable
8,000
Accruals
300
(8,300)
128,000
Net Assets
Capital Accounts:
Barnes
Darwin
Fox

c)
Barnes
Darwin
Fox
Goodwill

67,800
35,200
25,000
128,000
Dr
$
6,000
4,000
2,000

Cr
$

12,000

Page 1

Question 2
a)

Add:
Less:

The Shire Golf Club
Bar Trading Account for the year ended 31 December 2014
$
$
Sales
84,600
Opening inventory
9,400
Purchases
41,300
50,700
Closing inventory
(6,410)
Cost of goods sold
44,290
Gross profit
40,310
Wages of bar staff
(29,200)
Profit to income and expenditure account
11,110

b)

Income and Expenditure Account for the year ended 31 December 2014
$
$
Income:
Subscriptions (183,400-1,870)
181,530
Profit on bar – Part (a)
11,110
Profits from raffles
6,508
199,148
Less: Expenditure
Golf professional’s salary
37,000
Greenkeeper’s wages
21,500
General expenses
910
Depreciation of equipment
2,400
(61,810)
Surplus of income over expenditure
137,338

b)

Balance Sheet as at 31 December 2014
$
Non-Current Assets
Clubhouse
Equipment
18,600
Depreciation
(2,400)
Current Assets
Bar inventory
Bank
Current Liabilities
Subscription received in advance
Net Assets
Financed by:
Accumulated fund, 1 January 2014
Surplus of income over expenditure

6,410
3,924

$
142,000
16,200
158,200

10,334
168,534
(1,870)…...

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