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FA2

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Transcript of FA2

Nur Afifah June 2008 JOURNAL June 2009 b)Elanor’s cost of sales for the year to 30 April 2009

Elanor’s cost of sales for the year to 30 April 2009

= $ 304310 THE END Cynthia Harrison Elanor Clarke c)Elanor’s profit for the year to 30 April 2009

Elanor’s profit for the year to 30 April 2009
=$ 23616 Nur Syahiirah Maya Restyla i) Prepaid Rent Expenses

= $ 11100 x 1 / 6 months

= $ 1850 ii) Accrued Electricity Expenses

= $ 3570 x 2 / 3 months

= $ 2380 iii) Net Book Value for Non-Current Assets

= $ 138900 - $ 45500

= $ 93400

Depreciation for Non-Current Assets

= 18% x $ 93400

= $ 16812 iv) Closing Inventory

= $ 3750 - $5290

= ($ 1540) v)Bad Debts = $ 1288

Doubtful Debts = $ 668 a)The value of Elanor’s inventory at 30 April 2009

Remember inventory is valued at the lower of cost ( $ 12850 )
and net realisable value
( $ 10000 – $ 1350 = $ 8650 ).
The lower of these is $ 8650.

Elanor’s inventory at 30 April 2009
= $ 25485 - $ 12850 + $ 8650
=$ 21285 Elanor Clarke

Statement of Comprehensive Income for the year 30 April 2009 Elanor Clarke

Statement of Financial Position as at 30 April 2009 d)Elanor’s current assets and current liabilities at 30 April 2009
Elanor’s current assets at 30 April 2009=$ 87730
Elanor’s current liabilities at 30 April 2009=$ 58141 e)Elanor’s capital balance at 1 May 2009

Elanor’s capital balance at 1 May 2009
=$ 119501
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