George Hampanda 2024000974

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NAME: …………………………………………..NAOMI KALEMBA.

STUDENT NUMBER: ………………………….2024001278.

PROGRAM: …………………………………….ACCOUNTING AND GOVERNMENT ACCOUNTING.

COURSE: ……………………………….……….FINANCIAL ACCOUNTING.

COURSE CODE: ………………………………..DIAG (1060).

MODE OF STUDY: ……………………………FULL TIME.

ASSIGNMENT NUMBER: …………………….THREE (3)

LECTURE: ………………………………………MISS ESTHER.P. KAUNDA.

DUE DATE:……………………………………...06/10/24.
WORKINGS

1. Closing stock =k317426.

2. Business rates owing =k1700.

Business rates =k14800

=14800 + 1700

= k16500

3. Office Expenses Owing =k245.

Office Expenses =k9100.

=9100 + 245

= k9345.

4. proposed dividend 15%.

Authorized and issued share capital =k800,000.

=15% * 800,000

=k120,000.

5. Transfer to Reserves: General Reserve =k70,000

= 120,000 + 70,000

=k190,000.

: Foreign Exchange =k30,000

=20,000 + 30,000 =k50,000.


1
6. Depreciation:

(i) Buildings 5% * Buildings: 80000

:Building at cost: 800000 =80000 + 40000

=800000 * 5% =120000

=40000

(ii) Equipment 15% * Equipment: 90000

: Equipment at cost: 320000. =90000 + 48000

=320000 * 15% =138000

=48000

2
UMOZI LIMITED’S TRADING PROFIT AND LOSS ACCOUNT AS AT 31/12/2021.

K K K
Sales 1606086
Stock at 31 December 2021 290114
purchases 810613
Carriage inwards 2390
Cost of goods available for sale 1103117
Less: closing stock (317426)
Cost of sales (785691)
Gross Profit 820395
Less Expenses
Carriage outwards 13410
Salaries 384500
Business rates 16500
Office expenses 9345
Sundry expenses 2360
Depreciation: Building 40000
: Equipment 48000
88000

Directors renumeration 119200


633315
Net Profit 187080

3
UMOZI LIMITED’S STATEMENT OF FINANCIAL POSITION.

NON-CURRENT ASSETS COST (K) DEP (K) NBV (K)


Buildings 800000 120000 680000
Equipment 320000 138000 182000
Total non-current assets 1120000 258000 862000
CURRENT ASSETS
Bank 8100
Debtors 321219
Closing stock 317426
Total current assets 646745
CURRENT LIABILITIES
Creditors 237516
Business rates owing 1700
Office expense owing 245
Total current liabilities (239461)
Working capital (407284)
Net assets 454716
Financed by:
Authorized and issued capital 800000
Net profit 187080
Less: dividend (120000)
Retained earnings 67080
Profit and loss 136204
Transfer to reserves:
: General reserve 190000
: Foreign exchange reserve 50000
1243284

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