Question 1

Below is the trial balance of McFuu Limited as at 31st January 2022.

Additional Information:

i) Closing inventory at 31st January 2022 was valued at £350,000

ii) The depreciation charge for the non-current assets for the year amounted to:

- Plant and Machinery £600,000 

- Fixtures and Fitting     £130,000

Required:

Use the information you have downloaded, answer questions 1 to 5.

1) Calculate the Gross Profit for the company for the year ended 31st January 2022

2) Calculate the total expenses for the company for the year ended 31st January 2022

3) Calculate the Net Book Value (NBV) of the Non-current Assets of the company as at 31st January 2022

4) The Accounting equation is stated in the form: 

    Assets = Equity + Liabilities

    What is equity as at 1st February 2021?

5) What is the value of the current liabilities of the company as at 31st January 2022?