Answers
Unit 5 Business accounting P4 & P5 PASSED
- Course
- Institution
- Book
Unit 5 Business accounting P4 & P5 were achieved.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
WGU C213 OBJECT ASSESSMENT ACCOUNTING FOR DECISION MAKERS 2023/ 2024 EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERT...
-
NATIONAL PILATES CERTIFICATION EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST VERSION 2024 WITH GUARANTEE...
-
UNIT 1 - EXPLORING BUSINESS ASSIGNMENT 1 P1, P2, P3, M1, M2, D1 EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |L...
Seller
Follow
reezi
Reviews received
Content preview
Reezi Unit 5 Group B P4 & P5Ricky’s balance sheet
Ricky also needs to produce his first balance sheet to reflect the value of the business as of 31 December.
He invoices customers upon completion of work and most customers pay by cash or cheque then and there.
However, one customer is a local business for whom Ricky looks after the lawns and flower beds at the front of
its offices. He charges them £500 per month and they pay one month later.
Ricky has also agreed a deal with a local nursery where he buys plants and shrubs. He has a business account
with them which allows him to buy on credit. He currently owes them £1,500.
Use all the information from Ricky’s cash-flow forecast (AS4), profit and loss account (AS5) and that above to
create a balance sheet for Ricky. Unless stated otherwise, assume the information presented in Ricky’s cash-
flow forecast is correct. Ricky’s actual closing balance at the end of December was £6,750.
Depreciation Value
£ £ £
Fixed assets
Vehicles (Truck) £20,000 £3,600 £16,400
Trailer
£5,000 £167 £4833
Current assets
Stock £350
Debtors £500
Cash £7,400
£8,250
Less current liabilities
Creditors £1,500
Overdraft £0 £0
Working capital £6,750
Long-term liabilities
Bank loans £17,500 - £5,500 £12,000
Net assets £15,983
Financed by
Capital
Retained profit £15,983
Capital employed £15,983
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller reezi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.86. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now