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    (Original post by Tom Richardson)
    Ah crap. Haha ah well, silly mistake
    it would be very harsh if they deducted any more than 1 or 2 marks for that!
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    Would the wages reduce the bank balance too?
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    (Original post by RK94)
    it would be very harsh if they deducted any more than 1 or 2 marks for that!
    Yeah I think it will be 1 mark, 2 if they're being harsh. I may lose all marks on the reduction of the bank balance though
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    (Original post by katiemurrall)
    Would the wages reduce the bank balance too?
    Yeah
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    How about income statement ?
    I cant remember exact figure but .
    Revenue - 8400
    cost of sales + 4100
    rent received + 12000
    expenses - 5400 + 720
    director r - 38000
    loss on sales 3000
    less 6% debenture 36000
    less tax 38000
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    (Original post by WheezyT)
    I recored the wage and DEPRECATION on the is and the cost of the asset on the bank as it's capital expenditure and as we were told the residual value and years of worth....

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    Yeah that is what I did also but I made a stupid mistake and thought each laptop was £4350
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    (Original post by anna21)
    How about income statement ?
    I cant remember exact figure but .
    Revenue - 8400
    cost of sales + 4100
    rent received + 12000
    expenses - 5400 + 720
    director r - 38000
    loss on sales 3000
    less 6% debenture 36000
    less tax 38000
    i think its -4100 from cost of sales because the 4100 is added to closing inventories
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    (Original post by anna21)
    How about income statement ?
    I cant remember exact figure but .
    Revenue - 8400
    cost of sales + 4100
    rent received + 12000
    expenses - 5400 + 720
    director r - 38000
    loss on sales 3000
    less 6% debenture 36000
    less tax 38000
    Yeah think I got all that but I had 10800 for rent. Do you remember your profit figure?
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    I got 141,140 for the income statement


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    (Original post by RK94)
    Yeah think I got all that but I had 10800 for rent. Do you remember your profit figure?
    why rent is 10800 ? i dont know what is that means in the note , just rent received 12000 per annum
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    (Original post by RK94)
    Yeah
    Yay!
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    (Original post by Infamous12)
    i think its -4100 from cost of sales because the 4100 is added to closing inventories
    It is -4100 on the cost of sales because the invetories were returned AFTER the year end


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    (Original post by afzal123)
    It is -4100 on the cost of sales because the invetories were returned AFTER the year end


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    what was your profit after tax? mine was around £171,000
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    (Original post by Brandon_RNS)
    I got 141,140 for the income statement


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    Got exactly the same
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    For the debentures. It said that the interest would start from October. So would you divide by 12 and times by 7 because October-April is 7months and not 6
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    (Original post by anna21)
    why rent is 10800 ? i dont know what is that means in the note , just rent received 12000 per annum
    Rent is just 12,000 it was overstated in the incorrect income statement wasn't it?
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    Cddff
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    (Original post by Khurram08)
    For the debentures. It said that the interest would start from October. So would you divide by 12 and times by 7 because October-April is 7months and not 6
    it was issued on the 31 oct and the year ended 30 april. I divided by 12 (12 months in a year) then x by 6 = £36000. Im not sure if this is correct though.
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    Was the whole last question only on the income statement?
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    (Original post by Infamous12)
    it was issued on the 31 oct and the year ended 30 april. I divided by 12 (12 months in a year) then x by 6 = £36000. Im not sure if this is correct though.
    Yh that's wat I mean. Because it was issued at end of October you would include that month
 
 
 
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