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2012年ACCA考试《F3财务会计》讲义辅导(6)

考试吧整理2012年ACCA考试《F3财务会计》讲义辅导,给广大考友参考,望广大考友取得优异的成绩!

 ☆Relationship between a statement of financial position and a statement of income

 

  ●The balance sheets are not isolated statements, they are linked over time with  the income statement

  ●As the business records a profit in the income statement, that profit is added to

  the capital section of the balance sheet, along with any capital introduced. Cash

  taken out of the business by the proprietor, called drawings, is deducted.

  Illustration – the accounting equation:

  The transactions:

  Day 1 Avon commences business introduction $1,000 cash.

  Day 2 Buys a motor car for $400 cash.

  Day 3 Buys inventory for $200 cash.

  Day 4 Sells all the goods bought on Day 3 for $300 cash.

  Day 5 Buys inventory for $400 on credit.

  SFP at the end of each day’s transactions:

  Solution:

  Day 1 Assets (Cash $1,000) = Capital ($1,000) + Liabilities ($0)

  Day 2 Assets (Motor $400) = Capital ($1,000) + Liabilities ($0)

  (Cash $600)

  Day 3 Assets ( Inventory $200) = Capital($1,000) + Liabilities ($0)

  (Motor $400)

  (Cash $400)

  Day 4 Assets ( Motor$ 400) = Capital     +  Liabilities ($0)

  (Cash $700) (Beginning$1,000)

  (Profit $100)

  Day 5 Assets (Inventory $ 400) = Capital   +  Liabilities

  ( Motor$ 400)  (Beginning$1,000)($400)

  (Cash $700)    (Profit $100)

  Avon

  Statement of Financial Position as at end of Day 5

 

$

$

Non – current assets

 

 

Motor Van

 

400

Current assets

 

 

Inventory

400

 

Cash in hand

700

 

 

 

1,100

Total assets

 

1,500

 

 

 

 

$

$

Capital account

 

 

Balance at Day 1

1,000

 

Add net profit for the period

100

 

 

 

1,100

Current liabilities

 

 

Payable

 

400

Total

 

1,500

  Example:

  Continuing from the illustration above, prepare the SFP at the end of each day after accounting for the transactions below:

  Day 6 Sells half of the goods bought on Day 5 on credit for $250.

  Day 7 Pays $200 to his supplier.

  Day 8 Receives $100 from a customer.

  Day 9 Proprietor draws $75 in cash.

  Day 10 Pays rent of $40 in cash.

  Day 11 Receives a loan of $600 repayable in two years.

  Day 12 Pays cash of $30 for insurance.

  Your starting point is the SFP at the end of Day 5, from the illustration above.

  Prepare: SFP at the end of Day 12

  I.S. for the first 12 days of trading.

  Solution:

  Day 6 Assets (Inventory $ 200) = Capital    +  Liabilities

  ( Motor$ 400)   (Beginning$1,000)($400)

  (Cash $700)      (Profit $150)

  (A/Receivable$250)

  Day 7 Assets (Inventory $ 200) = Capital    +  Liabilities

  ( Motor$ 400)   (Beginning$1,000)($200)

  (Cash $500)      (Profit $150)

  (A/Receivable$250)

  Day 8 Assets (Inventory $ 200) = Capital    +  Liabilities

  ( Motor$ 400)   (Beginning$1,000)($200)

  (Cash $600)      (Profit $150)

  (A/Receivable$150)

  Day 9 Assets (Inventory $ 200) = Capital    +  Liabilities

  ( Motor$ 400)   (Beginning$1,000)($200)

  (Cash $525)      (Profit $150)

  (A/Receivable$150)  (Drawing $75)

  Day 10 Assets (Inventory $ 200) = Capital   +  Liabilities

  ( Motor$ 400)   (Beginning$1,000)($200)

  (Cash $485)      (Profit $110)

  (A/Receivable$150)  (Drawing $75)

  Day 11 Assets (Inventory $ 200) = Capital   +  Liabilities

  ( Motor$ 400)  (Beginning$1,000)($200)

  (Cash $1,085)    (Profit $110) ($600)

  (A/Receivable$150) (Drawing $75)

  Day 12 Assets (Inventory $ 200) = Capital   +  Liabilities

  ( Motor$ 400)  (Beginning$1,000)($200)

  (Cash $1,055)    (Profit $80 ) ($600)

  (A/Receivable$150) (Drawing $75)

  Avon

  Statement of Financial Position as at end of Day 12

 

$

$

Non – current assets

 

 

Motor Van

 

400

Current assets

 

 

Inventory

200

 

Trade receivables

150

 

Cash in hand

1,055

 

 

 

1,405

Total assets

 

1,805

 

 

 

 

$

$

Capital account

 

 

Balance at Day 1

1,000

 

Add net profit for the period

80

 

Less: Drawing for year

(75)

 

 

 

1,005

 

 

 

Non – current liabilities

 

600

Current liabilities

 

 

Payable

 

200

Total

 

1,805

  Avon

  Income statement for the period ended at Day 12

 

$

$

Sales revenue

 

550

Opening inventory

0

 

Purchases

600

 

 

 

 

Less: Closing inventory

(200)

 

Cost of sales

 

(400)

Gross profit

 

150

 

 

 

Less: Expenses

 

 

rent

40

 

insurance

30

 

 

 

(70)

Net profit

 

80

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