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1、1,Final Accounts,References：Chapter 7 to 10 (P. 59-113),2,2,ATrial Balance (試算表),A trial balance is a list of debit balances and credit balances in the books of accounts。The total of debit balances and the total of credit balances are equal. If not, errors are needed to identitied. Trial balance is
2、the basis for preparing final accounts (Trading and profit and loss A/C; Balance Sheet).,3,Examples of Trial Balance：,Leungs CompanyTrial Balancefor the year ended 31 December, 2008$ $Sales1010Returns inwards10Stock as at 1 January, 2008100Purchases530Returns outwards20Carriages inwards10Rental inco
3、me100Commission received50Rent120Commission30Electricity150Rates50,4,$ $Land and building1000Office Furniture700Fittings500Office equipment500Machinery1000Motor vehicles500Debtors1500Bank 400Cash80Creditors1000Bank overdraft500Capital3000Drawings100Bank loan1000LoanMr. Cheung60072807280Stock as at 3
4、1 December, 2008 is $120,5,B Trading A/C,Net SalesCost of goods sold Gross profit / Gross loss,Function: Calculate the gross profit or gross loss.,Net Sales =Sales Returns inwards,Cost of goods sold = Opening stock (Net Purchases+Carriage inwards) - Closing stock,Net Purchases =Purchases Returns out
5、wards,Gross profit: Net SalesCost of sales,Gross loss: Cost of salesNet sales,6,Put the above formulas (算式) into a statement, a Trading A/C is formed.Trading A/c has vertical form and horizontal form.,7,Examples of vertical form：Leungs CompanyTrading A/Cfor the year ended 31 December, 2008$Sales1010
6、Less：Returns inwards 10Net Sales1000Less：Cost of goods soldStock as at 1 January,2006100Add：Purchases530 Less：Returns outwards 20 Net purchases510Add：Carriage inwards 10520620Less：Stock as at 31 December, 2006120500Gross profit500,8,Examples of horizontal form（T form）Leungs CompanyTrading A/Cfor the
7、 year ended 31 December, 2008 $ $ $Opening Stock 100 Sales1010Add：Purchases 530 Less：Returns inwards 10Less：Returns outwards 20 Net Sales1000Net purchases 510Add：Carriage inwards 10 520 620Less：Closing stock 120Cost of goods sold 500Gross profit c/d 500 10001000,9,CProfit and loss A/C,Gross profitOt
8、her incomeExpensesNet profit / Net loss,Functions: calculate the net profit / net loss.,Other income= rental income + commission income+,Expenses=rent and rates+commission+electricity+ ,Net profit: Gross profit+IncomeExpenses,Net loss: ExpensesGross profit+Income,10,Put the above formulas (算式) into
9、a statement, a Profit and loss A/C is formed.Trading A/c has vertical form and horizontal form.,11,Vertical form：Leungs CompanyProfit and lossfor the year ended 31 December, 2008$ $Gross profit500Add：Rental income100Commission income50650Less：ExpensesRent120Commission30Electricity150Rates50350Net Pr
10、ofit300,12,Examples of horizontal form (T form)：Leungs CompanyProfit and loss A/Cfor the year ended 31 December, 2006 $ $Rent120Gross profit b/d500Commission30Rental income100Electricity150Commission income 50Rates50Net profit300650650,13,DBalance Sheet,*AssetsNon-current assetsCurrent assets*Liabil
11、itiesCurrent liabilitiesLong-term liabilities*Capital:Opening capitalNet profitCapitalClosing capital,Assets*Liabilities*Capital*,Balance sheet is a statement to record the balances of assets, liabilities and capital at the end of the accounting period.,14,D1Non-current Assets,Non-current assets hav
12、e a long life and are to be used in the business.The non-current assets is not bought for resale.E.g. Land and building, Furniture, Fixtures and fitting, Office equipment, Machinery, Motor vehicles,15,Non-current assets are listed in the order of “permanency” in the Balance Sheet are as follows:Non-
13、current assets Land and building Furniture Fixtures and fittings Office equipment Machinery Motor vehicles,16,D2 Current assets,Current assets are likely to be converted into cash in the short term (i.e. within 1 year) or items having a short life.E.g. Stock, Debtors, Prepayment, Bank, Petty cash, C
14、ash,17,Current assets are listed starting the most difficult to be turned into cash, and the last one is “Cash”:Current assets Stock Debtors Prepayment Bank Cash,18,D3Long-term Liabilities,Long-term liabilities do not have to have in the near future (i.e. longer than 1 year) e.g. Bank loan, Loan: Mr
15、. Cheung, Debentures,19,D4Current liabilities,Current liabilities are to be paid in the near future (i.e. within 1 year).e.g.：Creditors, Accruals, Bank overdraft,Current assetsCurrent liabilitiesWorking Capital,20,Balance Sheet has vertical form and horizontal form. The format of vertical is as foll
16、ows:,21,Leungs CompanyBalance Sheetas at 31 December, 2008$ $ $Non-current assetsLand and building1000Furnitures700Fixtures and fittings500Office equipment500Machinery1000Motor vehicles500 4200,22,$ $ $Current assetsStock120Debtors1500Bank400Cash80 2100Less：Current liabilitiesDebtors1000Bank overdra
17、ft500 1500Working capital 600 4800,23,$ $ $CapitalCapital as at 1 January, 2008 3000Add：Net profit 400 3400Less：Drawings 100Capital as at 31 December, 2008 3300Long-term LiabilitiesBank loan 1000LoanMr. Cheung 500 1500 4800,24,Horizontal form （T form）：Leungs CompanyBalance SheetAs at 31 December, 20
18、06$Fixed assetsCapitalLand and buildings1000 Capital as at 1 January, 2008 3000Furniture700 Add：Net profit 300Fixtures and fittings 500 3300Office equipment500 Less：Drawings 100Machinery1000 Capital as at 31 December, 2008 3200Motor vehicles5004200Long-term LiabilitiesCurrent assets Bank loan1000Stock 120 Loan-Mr. Cheung600 1600Debtors1500Current LiabilitiesBank400 Creditors1000Cash802100 Bank overdraft 500 15006300 6300,