By Ian Harrison
Complex Accounting for A2 has been written particularly to assist scholars, who've already been brought to Accounting, to appreciate absolutely the intricacies of this complicated topic. it's damaged down into achievable devices, each one explaining an issue in actual fact utilizing obtainable language and together with interspersed inquiries to inspire scholars to use what they've got learnt. Illustrations and diagrams are used all through to help reasons. each one unit is rounded up with a sequence of workouts and exam-style questions making sure that scholars get lots of perform within the parts within which they need to be informed to go the A2 examination.
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Extra info for Advanced Accounting for A2 (2nd Edition)
Sample text
If you have made an error in compiling your final accounts or even in your workings, you will be rewarded for the parts that you have got correct. Every mark counts towards that final grade. 28 advanced Accounting for A2 WORKED EXAMPLE continued Stage 5: Preparation of the financial statements Sales Less Cost of sales Inventory Purchases Roger Guillaume Income statement for the year ended 30 April 20*9 £ £ 101,344 Inventory Gross profit Less Expenses Rates Rent Wages Other expenses Depreciation Fixtures Depreciation Vehicles Profit for the year 212 22,358 22,570 164 2,170 2,818 14,280 20,075 72 4,700 22,406 78,938 44,115 34,823 Balance sheet at 30 April 20*9 £ £ £ Non-current assets Fixtures at valuation Vehicles at valuation 648 16,500 17,148 Current assets Inventory Trade receivables Bank balance Cash Rates paid in advance Less Current liabilities Trade payables Rent accrued 164 130 3,469 237 1,340 5,340 328 120 448 Capital Add Profit for the year Less Drawings 4,892 22,040 7,626 34,823 42,449 20,409 22,040 CALCULATION OF MISSING CASH Examination questions sometimes indicate that cash has been stolen during the course of the year.
Divya’s share of profits is £14,304 (she does not earn a salary in the same way that employees earn a salary; she is a part owner of the business and as such she earns profits no matter how they are described). INTEREST ON CAPITAL WORKED EXAMPLE Ed and Fred are in partnership. They maintain fixed capital accounts the balances of which are £30,000 and £20,000 respectively. Their partnership agreement provides that profits and losses are shared 2:1 after interest on capital is provided at 8% per annum.
Partnership accounts 55 CHAPTER FOUR Partnership Accounts – Structural Changes Obviously, during the lifetime of any business there could be changes in the ownership. Colin, a sole trader, may decide that he no longer wishes to trade as a farmer and that he will sell his business to Jayne on 31 July. Specification coverage: AQA: ACCN3; OCR: F012. The ownership of a partnership could change because: ■ ■ ■ partners may decide to terminate the partnership partners may decide to admit another partner they may decide to alter their profit-sharing ratios.