Income statemented and Balance sheet

| December 14, 2017

At the End
of 2011, the following information is available for Topsanah’s Business

2010
£

2011
£

Non-current assets at valuation
Inventory
Cash at Bank
Cash at Hand
Receivables
Payables
Accruals (rent)
Prepayments (rates)

55,000
182,000
16,750
1,120
290,200
123,400
1,200
3,450

50,000
182,500
51,150
2,500
287,340
128,475
1,450
2,300

Cash Movements during 2011

£

Cash receives from customers
Cash paid for sundry expenses
Cash paid to suppliers

23,340
17,250
22,230

Bank
Movements During 2011

£

Received from
customers
Bank Loan
Cash withdrawn
from the bank
Paid to suppliers
Paid for rent
Paid for rates
Drawings
Sundry Expenses

877,800
10,000
22,000
650,520
40,000
38,750
40,000
62,130

(1) Draw-up a
pro-forma combined cash and bank account, receivables and payables control
accounts and all other T-accounts as required for Topsanah for the year ended
31 December 2011
(2) Prepare Topsanah’s
Income statement for the period ended 31 December 2011
(3) Prepare Topsanah’s
Balance sheet as at 31 December 2011

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