首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
May Trading Co. Ltd. has following figures at 31 December Year 1 $ Fixed assets 1,300,000 Provision for depreciation 350,000 Sto
May Trading Co. Ltd. has following figures at 31 December Year 1 $ Fixed assets 1,300,000 Provision for depreciation 350,000 Sto
admin
2011-01-14
86
问题
May Trading Co. Ltd. has following figures at 31 December Year 1
$
Fixed assets 1,300,000
Provision for depreciation 350,000
Stock 450,000
Debtors(net) 142,500
Bank 250,000
Creditors 240,000
Accrued expenses 65,000
Share capital($10 par) 1,600,000
Profit and loss account 467,350
As the accountant of May Trading Co. Ltd., you are required to prepare its master budgets for the 6 months from 1 January Year 2 to 30 June Year 2. You have the following information available:
Sales
Purchase Wages Overheads excluding depreciation
(Units)
Oct Year 1 (Actual) 25,000 130,000 90,000 70,000
Nov Year 1 (Actual) 27,000 150,000 90,000 70,000
Dec Year 1 (Estimated) 33,000 170,000 90,000 90,000
Jan Year 2 (Estimated) 30,000 170,000 90,000 70,000
Feb Year 2 (Estimated) 35,000 180,000 100,000 90,000
Mar Year 2 (Estimated) 36,000 200,000 110,000 90,000
Apr Year 2 (Estimated) 34,000 190,000 110,000 90,000
May Year 2 (Estimated) 33,000 190,000 110,000 80,000
Jun Year 2 (Estimated) 37,000 160,000 120,000 80,000
Additional Information:
1. The selling price in October Year 1 was $9 per unit and this will be increased to $10 in February Year 2.
2. 30% of sales are on cash basis, credit sales are to be settled one month after the sales. It is expected that 5% of credit sales are uncollectible.
3. Purchases are to be paid for two months after purchases.
4. Wages and overheads are to be paid equally in the month incurred and the following months.
5. A machine will be purchased on 1 January Year 2 at a cost of $240,000.
6. The depreciation policy on fixed assets is 10% p.a. on cost on those owned at the end of the budget period.
7. The stock level at 30 June Year is estimated to be two months’ purchases in the past.
8. The company plans to raise money from the stock market by issuing 50,000 preference shares at$5 per share in March Year 2.
9. Accrued expenses are to be settled in one month.
Required:
(a)Prepare a Budgeted Profit & Loss Account for the 6 months period ended 30 June Year 2.
(b)Prepare a Cash Budgeted for the 6 months period ended 30 June Year 2.
选项
答案
May Trading Co. Ltd. Budget Profit and Less Account for the period ended 30 June year 2 $ $ Sales (270,000 + 350,000 + 360,000 + 340,000 + 2,020,000 330,000 + 370,000) Less: Cost of Sales Opening Stock 450,000 Add: Purchases (170,000+ 180,000 + 200,000 1,090,000 + 190,000 + 190,000 + 160,000) Less: Closing Stock (190,000 + 160,000) (350,000) 1,190,000 Gross Profit 830,000 Less: Expenses Wages(90,000 + 100,000 + 110,000 + 110,000 640,000 + 110,000 + 120,000) Overheads (70,000 + 90,000 + 90,000 + 90,000 500,000 + 80,000 + 80,000) Depreciation [(1,300,000 + 240,000)×10%× 6/12] 77,000 Bad debt expenses (2,020,000×70%×5%) 70,700 1,287,700 Net loss for the period (457,700) (b) May Trading Co. Ltd. Cash Budget for the period ended 30 June year 2 Jan Feb Mar Apr May Jun Jan-Jun $ $ $ $ $ $ $ Opening Balance 250,000 208,505 148,055 373,805 335,205 265,305 250,000 Cash Inflows From Cash Sales 81,000 105,000 108,000 102,000 99,000 111,000 606,000 (Working 1) From Credit Sales 197,505 179,550 232,750 239,400 226,100 219,450 1,294,755 (Working 1) From Share Issue 250,000 250,000 Cash Available 528,505 493,055 738,805 715,205 660,305 595,755 2,400,755 Cash Outflow Purchase payment 150,000 170,000 170,000 180,000 200,000 190,000 1,060,000 Wages & Overheads 170,000 175,000 195,000 200,000 195,000 195,000 1,130,000 (Working 2) Ending Balance 208,505 148,055 373,805 335,205 265,305 210,755 210,755 Working 1 Collection from Cash Sales Unit Sales Unit Price Sales Revenue Credit Sales (30%) (95% of 70%=66.5%) $ $ $ $ $ Dec Year 1 33,000 9 297,000 - 197,505 Jan Year 2 30,000 9 270,000 81,000 179,550 Feb Year 2 35,000 10 350,000 105,000 232,750 Mar Year 2 36,000 10 360,000 108,000 239,400 Apr Year 2 34,000 10 340,000 102,000 226,100 May Year 2 33,000 10 330,000 99,000 219,450 Jun Year 2 37,000 10 370,000 111,000 Working 2 Wages Overheads Payment $ $ $ Dec Year 1 90,000 90,000 90,000 (Dec Year 1) 90,000 (Jan Year 2) \ 170,000 Jan Year 2 90,000 70,000 80,000 (Jan Year 2) / 80,000 (Feb Year 2) \ 175,000 Feb Year 2 100,000 90,000 95,000 (Feb Year 2) / 95,000 (Mar Year 2) \ 195,000 Mar Year 2 110,000 90,000 100,000 (Mar Year 2) / 100,000 (Apr Year 2) \ 200,000 Apr Year 2 110,000 90,000 100,000 (Apr Year 2) / 100,000 (May Year 2) \ 195,000 May Year 2 110,000 80,000 95,000 (May Year 2) / 95,000 (Jun Year 2) \ 195,000 Jun Year 2 120,000 80,000 100,000 (Jun Year 2) Jul Year 2 100,000 (Jul Year 2)
解析
转载请注明原文地址:https://kaotiyun.com/show/WRYd777K
0
中级(会计)
原金融专业英语(FECT)
金融英语(FECT)
相关试题推荐
Youdon’tneedtodescribe(描述)her.I______herseveraltimes.
PatrickarrivedinAmeicaaweekago.IthadtakenhimyearstolearnEnglishbeforecomingtoAmerica.Atfirsthethoughthis
Whatdotheythinkadoctorshouldbe?
Whatdotheythinkadoctorshouldbe?
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
December25thisChristmasDay.ManyAmericansarebusywithChristmasandthewinterholidayseason.BuyingaChristmastreeis
December25thisChristmasDay.ManyAmericansarebusywithChristmasandthewinterholidayseason.BuyingaChristmastreeis
Amanufacturerhasfilefollowingfigurefortheproducts:ProductAProductBProductCProductDUnitcontribution$70$40$20
WangwantstotransferhismoneyfromChinatotheUS.Couldyouexplainthedifferentmoneytransfermethodsprovidedbybanks
Check,draw,rateofexchange,commission,endorse,subjectto,current,guaranted,participate,denominationsApersonwho
随机试题
交换积分次序
诗句“海内存知己,天涯若比邻”的作者是
A.外伤性脱位B.病理性脱位C.完全性脱位D.先天性脱位E.习惯性脱位髋关节结核引起
A.严格控制钠、水的入量B.用脱水剂C.用强利尿剂D.用速效强心剂E.鼓励多饮水泌尿道感染时的处理应
下列行为不违反消费者权益保护法的是( )。
(2009年)升高温度可以增加反应速率,主要是因为()。
风险分析方法包括()。
新学期伊始,高一新生王明领到了历史课本。除了《中外历史纲要》外,王明还领到了历史地图册、填图册等。从历史教材的定义上来看,王明领到的历史地图册、填图册属于()。
下列做法符合劳动合同法的是()。
由计算机、操作系统、DBMS、数据库、应用程序及用户等组成的一个整体称为______。
最新回复
(
0
)