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Sweets Are plc is an Iona-established sweets and confectionery manufacturer. All products are manufactured in the: Accounting Fundamentals Assignment, CU, UK

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Sweets Are plc is an Iona-established sweets and confectionery manufacturer. All products are manufactured in the: Accounting Fundamentals Assignment, CU, UK

UniversityConventry University (CU)
SubjectAccounting Fundamentals

Question 1

Sweets Are plc is an Iona-established sweets and confectionery manufacturer. All products are manufactured in the, UK. but sales are made worldwide. It is a growing but competitive market. Given below are extracts from their financial statement.

Accounting Fundamentals

Accounting Fundamentals

Question 2

The following balances relate. to Wales plc for the year ended 31″ Member 2021:

Accounting Fundamentals

The following information is relevant:

  • Corporation tax for the year is estimated at £100.000.
  • Salesmen are owed a commission of £3,000 in respect of December sales. It will be paid on 31 January 2022 and has not been recorded in the ledger accounts yet.
  • Goods valued at £980 were sent to customers on 31St December 2021. Payment is due on 28 February 2022. This has not been recorded in the ledger accounts yet.
  • The preference shares should be included within equity.

 

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