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By G J Taylor (auth.)

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To succeed. Otherwise, they may withdraw the overdraft facility and require immediate repayments. 6 (b) Apart from the errors with debits and credits, the other maier errors were as follows:(I) The loan from Smith was treated as revenueand therefore incorrectly increased profit. (n) Closing Stock was not deducted from purchase s , (iii) Gross Profltwos called ~et Profit. (Iv) Overhead expenses were not adjusted to allow for accruals and prepayments. (v) Fixed Assets were written off in total rather than depreciated.

Vii) The account showed a gross loss rather than a net profit. (viii) The loss was not shared equally as it should have been. 46. £28,400 Profit Statement 109 (£OOOs) 47. 6 . 2 consider three options:a) The issue of ordinary shares b) The issue of preference shares c) Obtaining a long term loan These options are not)of course,mutually exclusive which means that the company may well decide to opt for a mix of financing as the best way ahead. The main considerations for each of the choices are as follows:- Ordinary Shares If the past performance of the company has been to the satisfaction of the existing shareholders, it may be that they will be prepared to risk a further investment in the form of more shares.

This produces a problem. £10,000. This will affect future cash flow. b) There is no particular advantage in ordering extra stock now. If it was ordered there would be no affect on net working capital. Additional storage and handling costs would probably be incurred, however. 33. 13 each. £90,000 . e. 000. e. the tax liability is small and the £10,000 difference in cash flow means that cash is being kept in order to meet the higher cost of buying new batches from France. (In fact, LIFO would be the best under these circumstances, but the Inland Revenue does not accept it, so it is ignored here).

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