London Ventures has been trading for a number of years as a wine merchant the following list of balances: Accounting for business managers, Assignment, DMU, UK

Dec 11, 2023

University

Subject Accounting for business managers

Task1

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London Ventures has been trading for a number of years as a wine merchant the following list of balances: Accounting for business managers, Assignment, DMU, UK
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You are provided below the Trial Balance of London Ventures for the year ended 31 March 2021.

London Ventures has been trading for a number of years as a wine merchant the following list of balances has been extracted from his ledger as of 31 March 2021, the end of his most recent financial year.

Thefollowingadditionalinformation isavailableasat31March2021:

  • Inventoriesatthecloseof businesson31March2021wasvalued at£20,550
  • Insuranceshavebeenprepaidby£850
  • HeatingandLightingisaccruedby£1,100
  • Rateshavebeenprepaidby£2,482
  • Delivery costisaccruedby£905
  • Depreciation chargeforFixturesandFittingsfortheyear£11,584.
  • DepreciationchargeforMotorVehiclesfortheyear£9,440.
  • PrepareanIncomeStatementfortheyearended31March2021forLondonVenturs
  • Preparea StatementofFinancialPositionasat31March 2021forLondonVentures.

Task2

Identify3possible limitationsoftheIncomeStatementforLondonVentures

Task3

Identify3possible limitationsof theStatementoffinancialpositionforVentures

Task4

Explain how London Ltd can effectively manage the following:

  1. Inventory Days
  2. TradePayable Days
  3. TradereceivableDays

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