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Mr Yousef

The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.

TRIAL BALANCE AS AT 31 MAY 20X6


The following additional information as at 31 May 20X6 is available.

1 Rent is accrued by $210.

2 Insurance has been prepaid by $880.

3 $2,211 of carriage represents carriage inwards on purchases.

4 Equipment is to be depreciated at 15% per annum using the straight-line method

5 The allowance for receivables is to be increased by $40.

6 Inventory at the close of business has been valued at $13,551.

69

【論述題】

?Prepare a statement of profit or loss for the year ended 31 May 20X6.(8 marks)

Prepare a statement of financial position as at that date.? ? ? ? ? ??

A business compiling its financial statements for the year to 31 July each year pays rent quarterly in advance on 1 January,

1 April, 1 July and 1 October each year. The annual rent was increased from $60,000 per year to $72,000 per year as from 1 October 20X3.

What figure should appear for rent expense in the business’s statement of profit or loss and other comprehensive income for

the year ended 31 July 20X4?

A

$69,000

B

?$62,000

C

?$70,000

D

$63,000

Diesel fuel in inventory at 1 November 20X7 was $12,500, and there were invoices awaited for$1,700. During the year to 31

October 20X8, diesel fuel bills of $85,400 were paid, and a delivery worth $1,300 had yet to be invoiced. At 31 October 20X8,

the inventory of diesel fuel was valued at $9,800.

What is the value of diesel fuel to be charged to the statement of profit or loss and other comprehensive income for the year to 31 October 20X8?

A

?$87,700

B

$89,400

C

$88,500

D

$91,100

The electricity account for the year ended 30 June 20X1 was as follows.

Opening balance for electricity accrued at 1 July 20X0 Payments made during the year

1 August 20X0 for three months to 31 July 20X0

1 November 20X0 for three months to 31 October 20X0

1 February 20X1 for three months to 31 January 20X1

30 June 20X1 for three months to 30 April 20X1

1 August 20X1 for three months to 31 July 20X1

Which of the following is the appropriate entry for electricity?

Accrued?????????????????????????????????????????????????????????? Charge to SPL

at 30 June 20X1??????????????????????????????????????? ?year ended 30 June 20X1 A

A

$Nil????????????????????????????????????????????????????????????????????? ?$3,060

B

$460????????????????????????????????????????????????????????????????????? $3,320

C

$560??????????????????????????????????????????????????????????????????????$3,320

D

$560???????????????????????????????????????????????????????????????????? ?$3,420

The year end of M Co is 30 November 20X0. The company pays for its gas by a standing order of $600 per month. On 1

December 20W9, the statement from the gas supplier showed that M Co had overpaid by $200. M Co received gas bills for

the four quarters commencing on 1 December 20W9 and ending on 30 November 20X0 for $1,300, $1,400, $2,100 and

$2,000 respectively

Which of the following is the correct charge for gas in M Inc's statement of profit or loss for the year ended 30 November

20X0?

A

$6,800

B

?$7,000

C

$7,200

D

$7,400

A business compiling its financial statements for the year to 31 January each year pays rent quarterly in advance on 1

January, 1 April, 1 July and 1 October each year. After remaining unchanged for some years, the rent was increased from

$24,000 per year to $30,000 per year as from 1 July 20X0.

Which of the following figures is the rent expense which should appear in the statement of profit or loss for year ended 31

January 20X1？

A

$27,500

B

$29,500

C

$28,000

D

$29,000

B, a limited liability company, receives rent for subletting part of its office premises to a number of tenants.

In the year ended 31 December 20X4 B received cash of $318,600 from its tenants.

Details of rent in advance and in arrears at the beginning and end of 20X4 are as follows?????? 31 December

??????????????????????????????????????????? ??20X4?????????????20X3

?????????????????????????????????????????????? ? $???????????????? ?$

Rent received in advance??? ?28,400????????????24,600

Rent owing by tenants?????????18,300????????? ?16,900

All rent owing was subsequently received

What figure for rental income should be included in the statement of profit or loss of B for 20X4?

A

$341,000

B

$336,400

C

$300,800

D

$316,200

During 20X4, B, a limited liability company, paid a total of $60,000 for rent, covering the period from 1 October 20X3 to 31

March 20X5.

What figures should appear in the company's financial statements for the year ended 31 December 20X4?

comprehensive?income?financial position?????????? Statement of profit or loss and other?Statement of

?$?????????????????????????????????????????????????????????????????????????????????? ??? ?$

A

40,000????????????????????????????????????????????????????????????????????? ?10,000 Prepayment

B

40,000?????????????????????????????????????????????????????????????????????? ?15,000 Prepayment

C

50,000??????????????????????????????????????????????????????????????????????? ?10,000 Accrual

D

50,000????????????????????????????????????????????????????????????????????????? ?15,000 Accrual

The trainee accountant at Judd Co has forgotten to make an accrual for rent for December in thefinancial statements for the

year ended 31 December 20X2. Rent is charged in arrears at the end of February, May, August and November each year.

The bill payable in February is expected to be $30,000. Judd Co’s draft statement of profit or loss shows a profit of $25,000

and draft statement of financial position shows net assets of $275,000.

What is the profit or loss for the year and what is the net asset position after the accrual has been included in the financial

statements?

Profit for the year? Net asset position

A

$15,000??????????????????????? $265,000

B

$15,000???????????????????? ??$285,000

C

$35,000??????????????????? ?? $265,000

D

$35,000????????????????????? $285,000