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AFM Assignment Question 4

Budgie Limited's balance sheet for the year ended shows total fixed assets of Rs. 160,000 and accumulated depreciation of Rs. 50,000, leaving net book value of fixed assets at Rs. 110,000. Current assets total Rs. 87,000 and current liabilities total Rs. 75,000, giving working capital of Rs. 12,000 and working capital ratio of 1.16. Total net assets equal Rs. 197,000. Develping Ltd's profit and loss appropriation account for the year ended 2019 shows a profit for the year of Rs. 27,000, of which Rs. 10,000 was transferred to general reserves and Rs. 3,000 and Rs

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59 views6 pages

AFM Assignment Question 4

Budgie Limited's balance sheet for the year ended shows total fixed assets of Rs. 160,000 and accumulated depreciation of Rs. 50,000, leaving net book value of fixed assets at Rs. 110,000. Current assets total Rs. 87,000 and current liabilities total Rs. 75,000, giving working capital of Rs. 12,000 and working capital ratio of 1.16. Total net assets equal Rs. 197,000. Develping Ltd's profit and loss appropriation account for the year ended 2019 shows a profit for the year of Rs. 27,000, of which Rs. 10,000 was transferred to general reserves and Rs. 3,000 and Rs

Uploaded by

Ayaz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Budgie Limited

Balance sheet
For the year ended
Amount Amount
Fixed Assets 160,000 Creditor
Wages and Salaries Accrued
Less: Accumulated Depreciation (50,000) Accrued Expenses
NBV 110,000 Bank overdraft
Total Current Liabilities

Onwer;s Equity
Toatal NCA 110,000 Ordinary Share Capital
Less Drawing
Currnt Assets Add: Net profit
Closing Stock 40,000
Debtors 47,000
Less Prov for doubt ful debts -
Cash in Hand -
Cash at Bank -
Prepaid Business Rates -
Toatal Current Assets 87,000
Net Assets/ Capital employed 197,000 Net Assets/ Capital employed

Working Capital
Working Capital 12,000
Working Capital Ratio 1.16
Amount Amount
45,000
-
-
30,000
75,000

100,000
-
22,000
122,000

197,000
Develping Ltd
Profit and Loss Appropriation Account
For the year ended 2019
Particulars Amount Amount
Profit for the year before taxation Rs 27,000.00
Less: Corporation tax -
Profit for the year after taxation Rs 27,000.00
Less: Transfer to general reserves Rs 10,000.00
Preferences dividend 10% Rs 3,000.00
Ordinary dividend 15% Rs 12,000.00
Retained profits carried forward to next year Rs 25,000.00
Profit and Loss Rs 2,000.00
Develping Ltd
Balance sheet
For the year ended 2019

Amount Amount
Fixed Assets 140,000 Creditor

Less: Accumulated Depreciation Total Current Liabilities


NBV 140,000
Non Current Liability
Debenture

Toatal NCA 140,000 Onwer;s Equity


Ordinary Share Capital
Currnt Assets Share Premium account
Currnt Assets 35,000 Preference share
C/d Retained profit
General reserve
Add: Net profit

Toatal Current Assets 35,000


Net Assets/ Capital employed 175,000 Net Assets/ Capital employed

Retained Earning 12,000


Dividend Payable 12,000

Dividend Payable 12,000


Cash 12,000
Amount Amount
19,000

19,000

20,000
20,000

80,000
4,000
30,000
3,000
17,000
2,000
136,000

al employed 175,000 -
Date Particulars DR CR
Retained Earning 3,000.00
Dividend Payable 3,000.00

Dividend Payable 3000


Cash 3000

Retained Earning 12,000.00


Dividend Payable 12,000.00

Dividend Payable 12,000.00


Cash 12,000.00

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