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    gerrad cortez
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    1) The document provides financial statements for two business partners, Anne and Betty, as of June 30, 2018 including a statement of financial position, income statement, and current accounts. 2) It shows Anne and Betty earned a total profit of $535,680 which was split between them with Anne receiving $321,408 and Betty receiving $214,272. 3) The statement of financial position lists total assets of $3,347,520 including non-current assets of $652,800 and current assets of $2,694,720, with total liabilities of $741,120 resulting in net working capital of $2,606,400.

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    MANAGEMENT MATHS

    Original Title

    Cat one

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    1) The document provides financial statements for two business partners, Anne and Betty, as of June 30, 2018 including a statement of financial position, income statement, and current accounts. 2) It shows Anne and Betty earned a total profit of $535,680 which was split between them with Anne receiving $321,408 and Betty receiving $214,272. 3) The statement of financial position lists total assets of $3,347,520 including non-current assets of $652,800 and current assets of $2,694,720, with total liabilities of $741,120 resulting in net working capital of $2,606,400.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    12 views2 pages

    Cat One

    Uploaded by

    gerrad cortez
    1) The document provides financial statements for two business partners, Anne and Betty, as of June 30, 2018 including a statement of financial position, income statement, and current accounts. 2) It shows Anne and Betty earned a total profit of $535,680 which was split between them with Anne receiving $321,408 and Betty receiving $214,272. 3) The statement of financial position lists total assets of $3,347,520 including non-current assets of $652,800 and current assets of $2,694,720, with total liabilities of $741,120 resulting in net working capital of $2,606,400.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Cat one

    Reserves- These are of a company profit that are set aside for specific or general purpose.

    Provisions- This is the amount generally put aside to cover a prepayable future expenses or reduction in
    the value of the asset.

    Statement of financial position as of 30th June 2018

    sales 7377600
    Less return inwards (38400)
    Net sales 7339200
    Less cost of sales
    Opening inventory 631200
    Add purchases 5322240
    Add carriage inwards 30480
    Less return inwards (13920)
    Net purchase 533880
    Goods available for 5970000
    sale
    Less closing inventory (974400)
    Cost of goods sold (4995600)
    Gross profit 2343600
    Less operation cost
    Depreciation 91200
    General expenses 155520
    Staff salaries 848400
    insurance 76080
    Carriage outwards 74880
    Rent and rates 305280
    Provision of bad debt 24720
    Advertising 11520
    Total expenses (1587600)
    756000
    Add interest on Anne 4320
    drawing Betty 3360
    7680
    Less interest on capital Anne 60000
    Betty 48000
    (108000)
    Less salaries (120000)

    Balance of profit 535680

    Share profit Anne 321408


    Betty 214272
    535680
    Current account

    Details Anne Betty Details Anne Betty


    Drawing 216000 163000 Balance b/d 48000 26400
    Interest of 4320 3360 Interest on 60000 48000
    drawing capital
    Salaries 120000
    Profit shares 321400 314272
    Bal c/d 209088 237312
    429408 408672 429408 408672

    Statement of financial position as 30th June 2018

    Non-currents assets COST ACC DEP NBV


    Office furniture 36000 19200 16800
    Shop and fitting 636000
    Total non-current 652800
    assets
    Currents assets
    Debtors 1699200
    Prepayments 21120
    Inventory 974400
    Total current assets 2694720
    Total assets 3347520
    Currents liabilities
    Creditor 552720
    Bank overdraft 188400
    Total current liabilities (741120)
    Net working capital 2606400

    Financed by

    Capital account Anne 1200000


    Betty 960000
    2160000 2160000
    Current account: Anne 209088
    Betty 237312
    446400 446400
    2606400

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