Im new to this forum and have no clue about bookeeping, my girlfriend (shes abroad) gave me this excersise and she cant do it. If anybody can do it or help with it, i will buy you a beer over paypal. Thanks in advance.
Which bits does she need help with particularly? How to start it off, or a particular bit of it? I could just do it for you, but that wouldn't help much...
Thanks for reply everybody, sorry for doc file (should have used .txt so nobody would suspect me for spam etc) I dont know anything about bookeeping (i can fix pc tho :) so it would be great if somebody could do this for me. My girlfriend mentioned that her calculations were wrong or something.
Pauline, please if you can do it for me that would be great.
If you need to contact me just send me an email on c-traxx@hotmail.com
Thanks in advance
Ps here's what she cant work out:
-gross profit and net loss/profit for 2002
-sale and purchase for 2002
-how to calculate trading and profit/loss account
-ballance sheet (fixed assets, current assets, current liabilities and long - term liabillities for 2002)
Hopefully that helps.
-- Edited by c-traxx on Monday 5th of September 2011 12:50:19 PM
-- Edited by c-traxx on Monday 5th of September 2011 12:56:34 PM
OK, so that's basically all of it really then....lol
I'll have a look at it and give it a go...and then maybe I'll give her some pointers. I don't think doing it myself and then just giving the answers will be of any use as she needs to try and work it out for herself. When is she back in this country?
Just one more point, this isn't an exam question or anything is it?
Thanks for quick response, I really appreciate that. That is just her exercise so not an exam. She will be back next year hopefully. Thank you for your time and effort and sorry for my english.
Some of her calculations:
Dr side: bank 2000, debtors 9,900 rent paid in advance 200, stock 5,300, vehicle 9,000 total 26,400 Cr side: expenses unpaid wages 440, heating 145, creditors 6205, and then added drawings 11,000, total 17, 790 plus 8,610 - 26,400 8,610 is : Dr side all costs : vehicle depreciaton - 900, rent/rates 3,000, new fittings 750, light/ heating 805, motor expenses 1,150, wages 2,000 and bank charges 105 Cr side: drawings 100 so 8710 - 100 = 8610
debtors account - sale Dr Cr took goods for own use 100 plus debtors outstandidng at the end of the year 9,900 minus sale outstanding at the start of the yesr 9,100 outstandidng balance 900
purchases - creditors account new fittings 750 plus creditors outstandidng balance end of yesr 6,205 less creditors outstandidng at start of yesr 5,215 relucting balance 1,740
net loss not profit = 7,900 (?)
-- Edited by c-traxx on Monday 5th of September 2011 09:11:12 PM
-- Edited by c-traxx on Monday 5th of September 2011 09:31:36 PM
OK, I have completed it...must say it was quite a challenge. I have a gross profit of £20,120 and a net profit of £12,085. Here are some pointers to get you started:-
As these are incomplete records you will have to work out the values for sales and purchases. Questions like this have to be done very methodically. (Well, it's how I do them... )
1. Draw up T accounts for all items, including the Bank account and enter opening balances.
2. Firstly reverse your opening accruals and prepayments.
3. First accounts to work out are the bank account, sales and purchases. Enter your opening balance on the bank and then enter all expenditure for the year (from the list). This will enable you to work out how much cash was deposited from sales (as the balancing figure). Enter this figure in the bank account and balance off. When you have the cash deposited figure you need to add back the £11,000 that the owner kept for drawings and then work out the sales figure from the debtors account as follows:-
Receipts calculated from bank plus 11000 = Less debtors opening balance = 9100 Add debtors closing balance = 9900 This will equal your sales figure
You need to do the same sort of calculation for purchases, using the 34000 that they have paid for electrical fittings and including point 4. below
4. With regard to £100 of stock taken for own use this needs to be recorded as drawings and the opposite entry to purchases.
5. You have figures for opening stock 4400 and closing stock 5300 in order to work out the cost of goods sold.
6. Balance off all T accounts so that you have figures to transfer to the P & L and Balance Sheet.
Just a note looking at your calculations above....remember that the fittings purchased are not purchases but a fixed asset and should not be included in the purchases figure but go on the balance sheet and depreciated. Don't forget to include the figure for depreciation for the year in your P & L account.
No offence, but looking at the calculations above, does she know how to draw up a P & L and Balance Sheet? What course is she studying?
wow that was quick :) the course that she is studying just now is called "advanced book keeping". She is working on that just now and your calculations helped her. Let me know how much would you like for that as i really appreciate your help. Thanks again Pauline
Thanks again for your time and help. If you ever plan to visit Poland just let me know and I will point you to some cool places. I come from Malbork were the biggest castle was build in entire world, nice place to see if you like travelling.
