FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2016

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FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 1. (a) Identify and explain the main elements of the Statement of Financial Position and the Statement of Profit or Loss and Other Compre... hensive Income. (10 Marks) (b) The following trial balance was extracted from the books of Hoella Limited (Hoella), a company with a number of retail shops, as at 31 December 2015: Debit Credit € € Motor Vehicles 68,000 Investments - 6% 100,000 Trade Receivables 324,700 Intangible Assets 200,000 Trade Payables 246,807 Fixtures & Fittings 214,900 Share Premium 20,000 Distribution Costs 265,874 Share Capital - 100,000 at €1.30 each 130,000 Current Tax Payable 1,200 Revenue 1,687,542 Accumulated Depreciation - Premises at 31.12.14 387,500 Revaluation Surplus 10,520 Investment Income 4,800 Bank 2,413 Accumulated Amortisation of Intangible Assets at 31.12.14 40,000 Retained Earnings at 31.12.14 482,222 Allowance for Bad Debts 12,458 Purchases 897,541 Administrative Expenses 325,887 Opening Inventory 78,654 Accumulated Depreciation - Motor Vehicles at 31.12.14 24,560 Long Term Loan 124,750 Accumulated Depreciation - Fixtures & Fittings at 31.12.14 145,784 Premises 845,000 3,320,556 3,320, 556 [Show More]

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