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The following figures have been extracted from the final accounts of Shannon plc, a company involved in the construction industry for the year ended 31/12/2013.
(2014)
(a) Calculate the company’s reserves (profit and loss balance) on 01/01/2013.(b) Calculate the profit/loss from the shop for the year ended 31/12/2013.(c) Prepare a Profit and Loss Account for the year ended 31/12/2013.(d) Prepare a Balance Sheet on 31/12
(a) Journalise the necessary corrections.(b) Show the Suspense Account.(c) Prepare a statement showing the correct net profit.(d) Prepare a corrected Balance Sheet.(e) Identify three types of errors that affect the balancing of a Trial Balance.
(i) Prepare Profit and Loss statements under Marginal Costing and Absorption Costing principles for Barry Ltd. (ii) Outline the differences between Marginal and Absorption costing. Indicate which method should be used for financial accounting purposes
a) Prepare a Production Budget (in units). (b) Prepare a Raw Materials Purchases Budget (in units and €). (c) Prepare a Production Cost/Manufacturing Budget. (d) Prepare a Budgeted Trading Account (if the budgeted cost of a unit of Micro and Excel is €
