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As Financial Controller of Kensington Holographics Limited, your prime responsibilities are the accurate maintenance of the company’s accounting records and the preparation of its regular financial statements. At 28 February 2021, you have prepared the following Balance Sheet At the company Board Meeting in March, considerable concern is expressed by the directors at the continuing loss-making operation and the cash flow problems evident in the rising bank overdraft, which is over the £20,000 limit agreed with the bank. After some discussion, the directors agree to make personal loans to the company totalling £5,000 – to be paid into the company’s bank account in March. The directors agree that these loans are repayable as soon as the company’s cash flow problems are resolved. In addition, the directors agree to accept the offer of £20,000 loan finance from the Bank of Glasgow. The loan will be repayable over four years, with the first capital repayment due to take place on 1 April 2022. Since the directors have been negotiating this finance for some months, acceptance of the bank’s offer will allow the loan funds to be deposited into the company’s bank account on 6 March 2021. During March 2021, the following transactions also occur: 1.Monthly salaries of £3,000 are paid. 2.Plant and machinery, costing £5,000, is purchased and paid for by cheque. 3.Cash of £12,580 is paid to creditors. 4.Insurance premiums of £6,000 are paid (for twelve months to 31 December 2021). 5.Inventory, costing £3,000, is sold for £6,500, on credit. 6.Cash of £10,500 is received from debtors. 7.Inventory is purchased for £9,500, on credit terms. 8.Inventory, costing £6,500, is sold for £13,250 for cash. You are requested to prepare the financial statements for March 2021 as soon as possible after 31 March 2021. However, you are aware of other items which may require to be reflected in the March financial statements.

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Case Study 1   As Financial Controller of Kensington Holographics Limited, your prime responsibilities are the accurate maintenance of the company’s accounting records and the preparation of its regular financial statements.   At 28 February 2021, you have prepared the following Balance Sheet             At the company Board Meeting in … Read more

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