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CHAPTER 6 Practice Questions


Question 1 On 01/01/2012, Flahayes Solicitors had the following assets and liabilities: premises €90,000, stock of office stationery €5,000, fixtures and fittings €25,000, rent due €6,000, debtors from contracts €20,600, 6% loan per annum €120,000, capital €169,600.


The following is the Receipts and Payments Account for Flahayes: Receipts


€ Bank (01/01/2012)


5% Investment Interest Receipts from Contracts


Payments 25,000 Office Stationery


6,500 Motor Van 01/07/2012 80,000 General Expenses


Motor Van Insurance per annum 01/07/2012


Loan Interest Drawings


Balance (31/12/2012) Balance


111,500 22,000


€ 2,000


37,000 35,000


8,000 5,000 2,500


22,000 111,500


Flahayes Solicitors also made the following information available to their accountants on 31/12/2012: • Closing stock of office stationery on 31/12/2012was €3,000. • Rent due amounted to €1,000. • 80% of general expenses relates to the solicitor’s practice with the remainder for personal use.


• Premises is to depreciate at 20% of cost. • Fixtures and fittings are to depreciate at 10% of cost. • Depreciation on motor vans is at the annual rate of 20% of cost from date of purchase.


• Debtors from contracts in arrears amounted to €2,500.


You are required to: (a) Prepare a Profit and Loss Account for the year ended 31/12/2012. (b) Prepare a Balance Sheet as at 31/12/2012.


Always calculate % of loan and investment for P & L Account.


6


71


TIP


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