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    Hi basically I am at uni studying for a marketing degree, I left sixth form with a A in Business studies 2 years ago, went to uni, dropped out, had a break now back in it again!

    I have a finance exam tomorrow and although I love working these problems out usually, my sixth form brain seems to have switched off

    I can work it out a little bit but then things like debtors and creditors amounts go all away and I have no idea where to put them

    Will somebody please help me out?! Im just making some notes (its an open book exam) so would prefer if somebody would just work this out for me and then I'd see exactly what to do on other questions

    I need a profit and loss and a balance sheet if anyone would be so kind :-)


    I will simplify the question

    QUESTION-
    Company makes mens leather jackets

    COSTS: materials- £25 per unit, labour- £10 per unit

    Produces 1000 jackets, only sells 800 in the trading year
    Jackets sells for £100 each

    FACTORY RENT: £30,000
    MARKETING AGENCY FEES: £10,000


    by the end of the year 95% of all money owned had been paid
    90% had been paid to suppliers, all other costs were paid full (this confuses me- does this mean 90% of the MATERIALS? does the suppliers just mean the suppliers of the materials?)

    It also says "The balance of the bank account was £3,500 at 31st March 2011" (which we have been told is the end of the trading year for this company-- does this give me the end result for the profit/loss or is it savings that I need to add onto the end balance)

    Anyway would appreciate someone helping me, I know the format but the creditors and debtors part is making me wonder where I am putting them/where I am including them! thanks
 
 
 
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