By P. Stevens, B. Kriefman

ISBN-10: 0333639901

ISBN-13: 9780333639900

ISBN-10: 1349137812

ISBN-13: 9781349137817

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Henry had been written off in the financial year ended 31 December 1991. Fortunately, Henry is now in a position to pay ·ng • partnership accounts and has sent a cheque for £3,500 to the partnership on 1 December 1992. Additional information: Cash drawings for the year ended 31 December 1992: Clarkson £31,500 Philpott £28,750 u The partners' accounts as at 1 January 1992: Capital accounts Current accounts Clarkson £75,000 Clarkson £23,700 CR Philpott £50,000 Philpott £31,100 CR iii Other balances as at 31 December 1992: £ Freehold land and premises Motor vehicles Fixtures and fittings Trade creditors Expenses owing Stock Trade debtors Expenses paid in advance Cash in hand Balance at bank 50,000 41 ,500 16,700 18,400 9,000 41,600 21,700 8,000 3,900 69,050 } all at net book value None ofthese balances had been adjusted for the items (1) to (4) above, except where Clarkson brought in the relevant amount of cash in respect of the loan.

Although the sale was completed during October 1986, it has been agreed that the former employee need not pay for the vehicle until January 1987. The vehicle, which was purchased in December 1985 for £7,000, was sold to the former employee for £1,000. It is ing • limited companies' published accounts 2 3 4 5 company policy to depreciate motor vehicles at the rate of 25 per cent each year based on the cost of assets shown in the accounts at the end of the financial year. Included in the closing stock of raw materials were certain items valued at cost of £5,000 which in fact can only be used to replace a cheaper component the market price of which is £3,000.

A limited company may raise finance either by issuing shares or by raising loans. Debentures are simply a type of loan. Shares may be further subdivided into different types, as follows. Preference Shares are shares which carry. the right to a fixed dividend before any dividend can be paid to the ordinary shareholders. Where there are insufficient profits (including those retained from previous years) to cover the preference dividend, then none can be paid and it is lost. 11 Cumulative Preference Shares are similar to Preference Shares, but if in any one year, because of the circumstances described above, the dividend is not paid it accumulates and is carried forward until such time as there are sufficient profits to cover both current dividends on the shares and the arrears.

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Work Out Accounting A Level by P. Stevens, B. Kriefman


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