Loading

Module 1: Orçamentação

Nota de Estudos
Study Reminders
Support
Text Version

Relatórios de Variação

Set your study reminders

We will email you at these times to remind you to study.
  • Monday

    -

    7am

    +

    Tuesday

    -

    7am

    +

    Wednesday

    -

    7am

    +

    Thursday

    -

    7am

    +

    Friday

    -

    7am

    +

    Saturday

    -

    7am

    +

    Sunday

    -

    7am

    +

XSIQ
*

Accounting - Variance reports

Variance reports

To complete the variance reports the following steps are necessary.

1. Take the opening bank balance and add that to the total of cash
receipts.

2. Total cash payments.

3. Deduct item 2 from item 1 to arrive at the closing bank balance.

4. Transfer the closing bank balance to the Balance sheet as the amount
for 'Bank'.

1. Determine net profit by deducting the total of expenses from adjusted
gross profit.

2. Transfer the net profit to the Owner's equity section of the balance
sheet.

1. Total current assets (after the inclusion of bank).

2. Determine the new figure for machinery.

3. Add depreciation from the Profit and Loss statement to accumulated
depreciation ($4 000 on 1 July2002) to get the new figure for that item.

4. Total non-current assets.

5. Add current and non-current assets to get total assets.

6. Total current liabilities.

7. Insert net profit.

8. Insert drawings.

9. Determine total equities.

In preparing this problem the following accounts had to be reconstructed:

* debtors

* creditors

* stock control

* advertising

* salaries

* loan

View the text document for solution to Variance reports.

Previous | Next