Branson and company simulation

lv9783

Hi im new to the forum, so hello to everyone.

I am attempting to do the branson and company simulation for unit 5 from the osborne books, does anyone have the answers for this?

Really appreciate the help im tearing my hair out with it lol :ohmy:

lv9783

Pencil

I have the answers written in my workbook from last year, so sadly I'm not able to e-mail them to you. Is there one question in particular that you are stuck on?

lv9783

thanks my initial trial balance is not equal I'm out by 2p what depreciation figures do you get? Could you explain what to do with the accrual and prepayments figures? What is the journal for task 8 and what is the closing stock figure after adjustment? Thank you really appreciate it

Pencil

OK, the ledger balance should be 367,028.77.
Company car depreciation charge - £10,143.05 (DR)
accuulated depreciation - £28,859.77 (CR).
Other fixed asset dep charge - £4,730.88 (DR)
accumulated depreciation - £10,955.00 (CR)
Warehouse depreciation charge - £2011.69 (DR)
accumulated depreciation - £6,899.09 (CR)

Accruals and Prepayments

OK, the prepayment is the office rental. The year end is 31st March but 6 months rental of £3,250 has been paid upto 30 June. You need to calculate what 3 months is and enter this as a credit against admin overheads but then enter it as a debit against prepayments (you'll have to create a new entry for this on the Trial balance and make sure you enter the figures in the adjustment column)

Similarly with the accrual, the invoice has not yet arrived but you can estimate how much this should be from previous quarters - info in the text. This then needs to be entered as a debit against admin expenses and again a new entry titled 'Accruals' on the TB with a credit.

The journal for task 8 looks a little jumbled up in my book,but I'll give you what I have...

Fixed asset costs £2,317.69(CR)Disposal £2,317.69(DR)
Fixed Asset Acc Depr £946.23 (DR)
Disposal £946.23(CR)
Suspense £1,124.55(DR)
Disposal £1,124,55(CR)
Drawings - Brandreth current acc £750.00 (DR)
Suspense £750 (CR)

The closig stock figure is £15,196.35

This is due to a reductin in LAS by £1,000 and a reduced value of IJT by £25.

I hope this helps you out a little, it's certainly kept my mind off the results for a bit.

Good luck

:thumbup1:

lv9783

Thank you so much that helps loads you are a star

lv9783

Hi

one more thing what did you get for closing capital in balance sheet and the current accounts?

cheers