The accounts of Antique Furniture Suppliers Ltd from 1^st October 2013 to 30^th September 2014

Antique Furniture Supplies Ltd’s Cash book for September 2014

You must practise how to:

1. Extract a trail balance from ledger accounts and cashbook,

After extracting the trial balance you discover the follow items:

1. Closing inventory is valued at £35,000.
2. Antique Furniture Supplies Ltd’s depreciation policy is as follows. Depreciation is to be charged on both delivery vans and premises at 20 per cent on cost and on fittings at 10 per cent using the reducing balance method.
3. Light and heat worth £175 and telephone worth £265 are outstanding at the year-end along with wages of £2,000.
4. You have decided to charge Antique Furniture Supplies Ltd £12,000 for your accounting services.
5. There is a rent prepayment of £1500 and an insurance prepayment of £400 at the end of the year.
6. After discussing matters with Antique Furniture Supplies Ltd, you decide that there is little likelihood of any  further  payments  from  Doyle  and  that  the  remaining  balance of £2700 should  be  written  off  as  an irrecoverable receivable.
7. In the  light  of  the  experience  with  Doyle,  you  have  advised  Antique  Furniture  Supplies  Ltd  that  it would be prudent to create an allowance for irrecoverable receivables. It is agreed that a provision equal to 5 per cent of closing trade receivables should be established.
8. Interest on the long-term loan is outstanding at the year end.

2. To prepare a statement of profit and loss of a limited company in a vertical format showing calculations separately
3. To prepare a statement of financial position of a limited company in a vertical format; showing calculations separately.

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