Accounts Report for JT Engineering


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    Project description
    Accounting Preparation & Case Study Assignment
    From the trial balance of JT Engineering you are required to prepare the final accounts in the modern format. You must prepare an Income Statement for year ending 31st December 2012 and a Statement of Financial Position as at 31st December 2012. You must include all necessary adjustments.
    JT Engineering Trial Balance as at 31st December 2012
    Dr £ Cr £
    Accounts Payables 8,100
    Long-term bank loan 35,000
    Purchases 150,000
    Returns Outwards 800
    Discount Received 2,200
    Commission Received 37,800
    Inventory as at 1/1/12 6,500
    Business Rates 2,100
    Wages & Salaries 73,000
    Sales 440,000
    Returns Inwards 1,200
    Motor Expenses 900
    Loan Interest 310
    Land & Buildings 660,000
    Machinery 52,000
    Provision for Depreciation for Machinery 10,400
    Motor Vehicles 23,000
    Provision for Depreciation for Motor Vehicles 4,370
    Accounts Receivables 9,200
    Bank 36,400
    Insurance 1,900
    Electricity 1,600
    Cash 1,200
    Capital 507,640
    Drawings 27,000
    1,046,310 1,046,310
    Closing Inventory as at 31/12/12 7,500
    Adjustments £
    Business Rates Accrual 200
    Wages and Salaries Accrual 780
    Insurance – Prepayment 300
    Electricity – Prepayment 250
    The business depreciates machinery 10% on cost (straight line), and it depreciates motor vehicles at 10% reducing balance. Depreciation has not been calculated for the year. The business does not depreciate land and buildings.
    Accounting Preparation Task 50 Total Marks = (24 marks for the Income Statement
    26 marks for the Statement of Financial Position

    Referencing Requirements:
    main source has to be Frank Woods & Alan Sangster Business Accounting 1 (12th edition)
    Rest you can add your own journals, sources etc.

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