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London Ventures has been trading for a number of years as a wine merchant the following list of balances: Accounting for business managers, Assignment, DMU, UK

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London Ventures has been trading for a number of years as a wine merchant the following list of balances: Accounting for business managers, Assignment, DMU, UK

UniversityDe Montfort University (DMU)
SubjectAccounting for business managers

Task1

You are provided below the Trial Balance of London Ventures for the year ended 31 March 2021.

London Ventures 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 2021, the end of his most recent financial year.

Thefollowingadditionalinformation isavailableasat31March2021:

  • Inventoriesatthecloseof businesson31March2021wasvalued at£20,550
  • Insuranceshavebeenprepaidby£850
  • HeatingandLightingisaccruedby£1,100
  • Rateshavebeenprepaidby£2,482
  • Delivery costisaccruedby£905
  • Depreciation chargeforFixturesandFittingsfortheyear£11,584.
  • DepreciationchargeforMotorVehiclesfortheyear£9,440.
  • PrepareanIncomeStatementfortheyearended31March2021forLondonVenturs
  • Preparea StatementofFinancialPositionasat31March 2021forLondonVentures.

Task2

Identify3possible limitationsoftheIncomeStatementforLondonVentures

Task3

Identify3possible limitationsof theStatementoffinancialpositionforVentures

Task4

Explain how London Ltd can effectively manage the following:

  1. Inventory Days
  2. TradePayable Days
  3. TradereceivableDays

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