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MN1016 : You are an accounting trainee with Russell LLP, a firm of Chartered Accountants. Barbara Blooms: Foundations of Financial Accounting Coursework, UoL, UK
|University||University of Leicester (UoL)|
|Subject||MN1016 : Foundations of Financial Accounting|
You are an accounting trainee with Russell LLP, a firm of Chartered Accountants. Barbara Blooms is a sole trader who owns a shop “Four Seasons Flowers”. The business sells real and artificial flowers and plants, and provides flower arrangements for corporate and private events. Barbara has accounted for the transactions of her business during the year and has provided you with the following trial balance which she extracted from her books of accounts: Four Seasons Flowers Trial balance as at 31 October 2022
Bank/Cash Capital Discounts received Drawings Insurance Inventory at 1.11.21 Light and heat Loan Motor expenses Purchases Sales Shop fixtures and fittings (at cost) Telephone expenses Trade payables Trade receivables Van (at cost)
Barbara has also provided information about some transactions that occurred during the year but she did not have time to account for them.
Transactions that occurred during the year but not yet accounted for: 1. On 6 December 2021 she purchased a computer for her business using the business debit card,
Transactions that occurred during the year but not yet accounted for: 1. On 6 December 2021 she purchased a computer for her business using the business debit card, at a cost of £1,850. 2. On 25 December 2021 she received £1,000 cash from her family as Christmas gift. She decided to invest it in her business and deposited it in the business bank account on 28 December 2018. 3. On 22 January 2022 she paid £230 for advertising her shop in the local newspaper. She paid for it using her personal bank account. 4. On 17 February 2022 she paid an invoice for the insurance of the shop for £840 out of the business bank account. 5. On 23 March 2022 she took flowers from the shop to use for her own wedding arrangements. The flowers were originally bought at a cost £630.
13. She forgot to account for the payment of the business telephone bill for September and October 2022. The telephone company charges a flat rate of £25 a month, and it has been taken from her business bank account by direct debit on the last day of each month.
Additional information and queries raised by Barbara So I think that is all of the information that I have for you in terms of the money I have spent and received. However, as usual, I haven’t processed any year-end adjustments and am leaving you to do that another day. However, for now, I wonder if you cciJld answer a few questions I have.
how to value the closing inventory in Barbara’s business. (Max 200 words)
(ii) the purpose of depreciation, and the meaning of a depreciation charge in the statement of profit or loss, and what accumulated depreciation in the statement of financial position represents.
advice, with an explanation, as to whether or not Barbara should register the business for VAT, and the consequences of VAT registration in relation to the running of the business and the financial statements of the business to the extent that it has been covered in lectures and seminars.
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