9 TABULAR STATEMENTS Sample Solution Track what happened Dec


Sales returns Selling price €6,000 = 120% Stock = 100% = 6,000 ÷120 ×100 = 5,000 increase Debtors = Credit Note = 7,000 decrease P & L = mark up (1,000) + gain 260 = (740) loss on transaction VAT = (1260) reduction


Bank 4,800 Rent 4,800


P & L 4,800 × 8⁄12 = 3,200 Total column shows balance prepaid 4,800 × 4⁄12 = 1,600


Proposed dividends Issued Share Capital 300,000 @ .06 = 18,000 P & L 18,000 decrease Proposed dividends row 18,000 increase.


Assets 9


Land & Buildings Depreciation Equipment Depreciation Vehicles


Depreciation Stock


Debtors


Bad Debt Provision Rent Prepaid


Liabilities Creditors Bank


Ordinary Shares Share Premium P & L Balance


Revaluation Reserve VAT


Proposed Dividends 404,000 60,300 (2,000)


Revaluation Buildings increased by €45,000 (300,000 less 255,000). Write off depreciation to date. Create revaluation reserve account with increase and depreciation to date.


Bad debt provision Debtors = 35,000 @ 7% = 2,450 Bad Debt provision 2,100 – 2,450 = (350)


Bad debt provision Adjust debtors figure to include bad debt. Debtors = 39,900 = 95%, 100% = 42,000 Create provision row = 42,000 @ 5% = 2,100


(350) 4,800


[2] [2]


(15,300) 35,000 (2,800) 40,000 (4,000) 56,200 42,000 (2,100)


255,000 [2] [2]


Jan


45,000 15,300


[2] [2] [2] 5,000 (7,000) [3] 404,000 60,300 (2,000)


36,000 7,000


300,000 10,000 51,000


[3] 60,300 [3] (1,260) [3] 18,000 0 (9,000)


Offset of debt with vehicle Vehicle reduces by cost €12,000 Vehicle depreciation: Cost less book value 12,000 - 9,000 = €3,000 Creditor reduces by €8,000


P & L €1,000 loss Disposal Account Cost 12,000 Dep 3,000


Creditor 8,000 Loss


1,000 [2] (740) [3] (350) (350) [3] (350)


4,800 4,800


0 (9,000) [2] [3] 4,800 [3] (18,000) [2] (1,000) (8,000)


(12,000) [2]


3,000 Feb Mar April May June


128


TIP


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