Week 6 Seminar
Essay by georgiab • March 5, 2019 • Coursework • 327 Words (2 Pages) • 702 Views
Seminar Activities
Week 7 - answers
Activity 1
Identify whether the following items should be included in the income statement of the statement of financial position:
Sales revenue – Income Statement (R) | Salaries and wages – Income statement (E) |
Motor vehicles – NCA Balance Sheet | Trade receivables – CA Balance sheet |
Trade payables – CL Balance sheet | Capital – Equity Balance sheet |
Cash at bank – CA Balance sheet | Inventories – CA Balance sheet |
Bank loan – NCL Balance sheet | Retained earnings – Equity Balance sheet |
Rental expenses – Income Statement (E) | Interest paid – Income statement (E) |
Interest received – Income statement (R) | Office equipment – NCA Balance sheet |
Activity 2
Accounting equation: Fill in the spaces with the correct descriptions.
ASSETS | = | EQUITY | + | LIABILITIES |
Non-current assets: |
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Current assets: | Current liabilities: | |||
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Activity 3
- The following information related to the company A’s statement of financial position for the year ended 31st December 2015.
• Identify the assets, liabilities and equity of the company’s statement of financial position.
£ | £ | ||
Building | 150,000 NCA | Cash | 12,000 CA |
Inventories | 30,000 CA | Motor vehicle | 20,000 NCA |
Office equipment | 10,500 NCA | Trade payables | 2,500 CL |
Trade receivables | 5,200 CA | Capital | 10,000 E |
Overdraft | 1,500 CL | Bank loan | 12,000 NCL |
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