Accounting - 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
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
Profit and Loss statement
1. Determine net profit by deducting the total of expenses from adjusted
2. Transfer the net profit to the Owner's equity section of the balance
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:
* stock control
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