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Week 6 Seminar

Essay by   •  March 5, 2019  •  Coursework  •  327 Words (2 Pages)  •  70 Views

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Seminar Activities

Week 7 - answers

Activity 1

Identify whether the following items should be included in the income statement of the statement of financial position:

Sales revenue – Income Statement (R)

Salaries and wages – Income statement (E)

Motor vehicles – NCA Balance Sheet

Trade receivables – CA Balance sheet

Trade payables – CL Balance sheet

Capital – Equity Balance sheet

Cash at bank – CA Balance sheet

Inventories – CA Balance sheet

Bank loan – NCL Balance sheet

Retained earnings – Equity Balance sheet

Rental expenses – Income Statement (E)

Interest paid – Income statement (E)

Interest received – Income statement (R)

Office equipment – NCA Balance sheet

Activity 2

Accounting equation: Fill in the spaces with the correct descriptions.

ASSETS

=

EQUITY

+

LIABILITIES

Non-current assets:

  1. Capital

Non-current liabilities:

  1. Building

  1. Retained earning

  1. Bank loan
  1. Plant & Machinery
  1. Motor vehicles

Current assets:

Current liabilities:

  1. Inventory

  1. Overdraft
  1. Cash at bank
  1. Trade payables
  1. Trade receivables

Activity 3

  1. The following information related to the company A’s statement of financial position for the year ended 31st December 2015.

•        Identify the assets, liabilities and equity of the company’s statement of financial position.

£

£

Building

150,000 NCA

Cash

12,000 CA

Inventories

  30,000 CA

Motor vehicle

20,000 NCA

Office equipment

  10,500 NCA

Trade payables

  2,500 CL

Trade receivables

   5,200 CA

Capital

10,000 E

Overdraft

1,500 CL

Bank loan

12,000 NCL

...

...

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