FINANCIAL ACCOUNTING 2

ASSIGNMENT 2

DUE DATE: 23 MARCH 2015

1. Brave Warriors FC Trading Account for period ending 31 March 2013

Sales44125

Opening Stock 5620

Purchases22350

Closing Stock(4320)

Cost of goods sold23650

Gross Profit20475

Expenses

Wages(3310}

Profit17165

Brave Warriors FC Income and Expenditure for period ending 31 March 2013

Income$

Subscriptions(79056-3800+6920)82176

Profit from Raffles 3149

Profit from Bar17165

Donations2920

105410

Expenditure

Rent (16000-4000)12000

Depreciation: Motor Van8000

Furniture45000

Grounds man wages2431

Telephone2709

Printing3940

Motor Vehicle4970

Electricity6250

44800

60610

Opening Balance Accumulated fund60500

Closing Balance Accumulated fund121110

Brave Warriors FC Statement of Financial Position as at 31 March 2013

Non Current assets

Motor Van56000

Total56000

Current Assets

Inventory 4320

Furniture 31500

Debtors Accumulated Subs 6920

Prepayments 4000

Bank 29650

Cash 1020

Total Current Assets 77410

Total Assets 133410

Equity and Liabilities

Equity

Accumulated Fund121110

Total Equity121110

Liabilities

Creditors7250

Motor Van Expenses1250

Prepaid Subs3800

Total Liabilities12300

Total Equity and Liabilities121110