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The following are balance sheet and income statement of om ltd.
Income statement and balance sheet practice questions with solutions pdf. R1 200 000. Green as at 31 march 2015 in both horizontal and vertical style. R1 400 000 fixed assets land buildings plant equipment. In the absence of information about the date of repayment of a liability then it may be assumed.
Financial accounting in practice. Practical questions and answers for students. The following information is all that is available. Cash flow statement for the year ended 31 12 2006.
The following trial balance is prepared after preparation of income statement for f. Prepare balance sheet for f. Substantive testing balance sheet and income statement accounts suggested solutions question one a the most important assertions for sales revenue are occurrence accuracy and cut off. Occurrence relates to the fact that the sale actually occurred.
It is important to gather evidence that revenue recognition has taken place at an appropriate point in the sales cycle. Prepare bologna s income statement statement of retained earnings and balance sheet for the year ending december 31 20x5. R600 000 15 interest current liabilities creditors plus overdraft. The summarized balance sheet of jay ltd as on 31 12 06 and 31 12 2007 are as follows.
Questions and answers balance sheet income statement example 1. Solution to chapter 5 balance sheet and statement of cash flows assignment classification table by topic topics questions brief exercises exercises problems concepts for analysis. R1 200 000 long term loans. Question the following figures were taken from the statements of foreign developers.
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