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Paper F3: Financial accounting (International)
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StevenChee
Statementoffinancialpositionasat31MayYear6
Non‐currentassets Cost Accumulated
depreciation
$ $ $
Landandbuildings 120,00021,800 98,200
Equipment 80,00048,500 31,500
200,00070,300 129,700
Currentassets:
Inventory42,000
Tradereceivables 38,000
Lessallowanceforirrecoverabledebts (760)
37,240
Prepayment(operatingexpenses)300
Bank1,300
Cashinhand300
81,140
Totalassets210,840
Capital
At1JuneYear5121,300
Netprofitfortheyear46,740
168,040
Drawings (24,000)
At31MayYear6144,040
Non‐currentliabilities
7%long‐termloan30,000
Currentliabilities
Tradepayables36,000
Accruedwagesandsalaries800
36,800
Totalcapitalandliabilities210,840
12 Herbert
Herbert
Incomestatementfortheyearended31MayYear6
$ $
Sales405,000
Openinginventoryat1JuneYear5 27,400
Purchases(seeworking1) 258,560
285,960
Less:Closinginventoryat31MayYear6 (25,900)
Costofsales(260,060)
Grossprofit144,940
Wagesandsalaries(52,360+accrual140) 52,500
Otheroperatingexpenses(seeworking2) 38,500
Depreciation,landandbuildings:(1%x$90,000) 900
Depreciation,equipment:(15%x$57,500) 8,625
Carriageout 5,310
Discountsallowed 3,370