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BA4008Q: Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019: Business Decision Making Coursework LMU, UK

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BA4008Q: Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019: Business Decision Making Coursework LMU, UK

UniversityLondon Metropolitan University (LMU)
SubjectBusiness Decision Making

Instructions:-
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
You are required to:-

    • Prepare Ajay Ltd Statement of Profit or Loss (Income Statement) for the year ended 31 March 2019 and his Statement of Financial Position as of 31 March 2019.
  • Identify 3 limitations each of income statement and Statement of financial position (balance sheet).

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Question
You are provided below the Trial Balance of Ajay Ltd for the year ended 31 March 2019.
Ajay Ltd has been trading for a number of years as a wine merchant. The following list of balances has been extracted from his ledger as of 31 March 2019, the end of his most recent financial year.

    DR CR
      £     £
Advertising 5,478  
Insurance 9,306  
Trade Payables   31,511
Purchases 157,443  
Drawings 31,288  
Rent and Rates 18,612  
Sales   290,500
Heat and Light 11,013  
Delivery Costs 10,132  
Capital   170,600
Salaries and Wages 41,263  
Cash in Hand 950  
Inventories at 1 April 2018 18,310  
Trade Receivables 31,099  
Fixtures & Fittings at cost 153,227  
Accumulated Depreciation Fixtures & Fittings at 1 April 2018   66,710
Motor Vehicles at cost 182,600  
Accumulated Depreciation Motor Vehicles at 1 April 2018   93,500
Bank Overdraft …………. 17,900
  670721 670,721

The following additional information is available as of 31 March 2019

  • Inventories at the close of business on 31 March 2019 was valued at £25,550
  • Insurances have been prepaid by £850
  • Heating and Lighting is accrued by £2,210
  • Rates have been prepaid by £4,482
  • Delivery cost is accrued by £905
  • The depreciation charge for Fixtures and Fittings for the year £12,584.

The depreciation charge for Motor Vehicles for the year £10,440.

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