BA4008Q: Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019: Business Decision Making Coursework LMU, UK

University London Metropolitan University (LMU)
Subject Business Decision Making

Instructions:-
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
You are required to:-

    • Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019.
  • Identify 3 limitations each of income statement and Statement of financial position (balance sheet).

Do You Need Assignment of This Question


Note: Show all adjustments
Question
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
Ajay Ltd has been trading for a number of years as a wine merchant. The following list of balances has been extracted from his ledger as of 31 March 2019, the end of his most recent financial year.

   DRCR
     £    £
Advertising5,478
Insurance9,306
Trade Payables31,511
Purchases157,443
Drawings31,288
Rent and Rates18,612
Sales290,500
Heat and Light11,013
Delivery Costs10,132
Capital170,600
Salaries and Wages41,263
Cash in Hand950
Inventories at 1 April 201818,310
Trade Receivables31,099
Fixtures & Fittings at cost153,227
Accumulated Depreciation Fixtures & Fittings at 1 April 201866,710
Motor Vehicles at cost182,600
Accumulated Depreciation Motor Vehicles at 1 April 201893,500
Bank Overdraft………….17,900
670721670,721

The following additional information is available as of 31 March 2019

  • Inventories at the close of business on 31 March 2019 was valued at £25,550
  • Insurances have been prepaid by £850
  • Heating and Lighting is accrued by £2,210
  • Rates have been prepaid by £4,482
  • Delivery cost is accrued by £905
  • The depreciation charge for Fixtures and Fittings for the year £12,584.

The depreciation charge for Motor Vehicles for the year £10,440.

Buy Answer of This Assessment & Raise Your Grades

Stuck with your Business Decision Making Coursework? SAH will give you a helping hand you don’t need to worry our experts will make your profit and loss accounts, balance sheets, all the complex calculations and whatever is required at a very reasonable price.

Answer
Get Support Instantly
info@studentsassignmenthelp.co.uk
Quick Connect