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Bookkeeping and Tax Game Handouts

The document consists of handouts for a bookkeeping and tax game, providing financial statements including a profit and loss account and a balance sheet for the years 2017 and 2018. It also includes expense receipts for three months and templates for students to transpose their expenses and calculate profits or losses. The handouts guide students in understanding their income, expenses, and overall financial performance in a simulated business environment.

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altaccc28
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5 views5 pages

Bookkeeping and Tax Game Handouts

The document consists of handouts for a bookkeeping and tax game, providing financial statements including a profit and loss account and a balance sheet for the years 2017 and 2018. It also includes expense receipts for three months and templates for students to transpose their expenses and calculate profits or losses. The handouts guide students in understanding their income, expenses, and overall financial performance in a simulated business environment.

Uploaded by

altaccc28
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Module 13 Handouts Students

Module 13
Bookkeeping and Tax Game
Handout 1

Chart 1: PROFIT AND LOSS ACCOUNT


2018 2017
Turnover 1000 800
Cost of sales 400 300
Gross Profit 600 500
(= Turnover – Cost of Sales)
Administrative Expenses 200 150
Operating Profit 400 350
(= Gross Profit – Administrative Expenses)
Interest Receivable 0 0
Interest Payable 20 20
Profit before Taxation 380 330
Taxation 50 50
Profit for the financial year 330 280
(= Profit before Taxation – Taxation)

Chart 2: BALANCE SHEET


ASSETS
A. Cash in hand / at the bank
B. Stock
C. Prepaid expense
TOTAL of A, B and C = TOTAL CURRENT ASSETS
D. Machinery, vehicles and equipment
E. Fixtures and furniture
F. Buildings
TOTAL of D, E and F = TOTAL FIXED ASSETS
TOTAL ASSETS
G. Debts that have to be paid within 12 months
H. Taxes
TOTAL of G and H = TOTAL CURRENT LIABILITIES
TOTAL LONG-TERM LIABILITIES (can wait more than 12 months to pay)
TOTAL LIABILITIES
WORKING CAPITAL
(Total Current Assets – Total Current Liabilities) = Am I going bust?
OWNERS EQUITY (Total Assets – Total Liabilities)
Module 13 Handouts Students

Module 13
Bookkeeping and Tax Game
Handout 2

Here are your receipts for expenses.

June June
July August
1000 plastic cups Stall Hire and
Stall Hire and Stall Hire and
£50 Electricity £400
Electricity £400 Electricity £400

June July August


July
1 box Fruit 1000 plastic cups 1 box Fruit
1 box Fruit
£200 £50 £400
£400

August August August


August
1 box Fruit 1 box Fruit 1 box Fruit
1000 plastic cups
£400 £400 £400
£50

August August
August August
1000 plastic cups 1000 plastic cups
1000 plastic cups Jake’s Fee
£50 £50
£50 £1000
Module 13 Handouts Students

Module 13
Bookkeeping and Tax Game
Handout 3

Transpose your expenses for each of the three months into your
books below. We have started this off for you by completing the
books for June:

JUNE
ITEM RENT FRUIT CUPS JAKE’S FEE

Jake’s fee 0

Stall hire 400

Plastic cups 50

Fruit 200

TOTALS 400 200 50 0

JULY
ITEM RENT FRUIT CUPS JAKE’S FEE

Jake’s fee

Stall hire

Plastic cups

Fruit

TOTALS
Module 13 Handouts Students

Module 13
Bookkeeping and Tax Game
Handout 4

AUGUST
ITEM RENT FRUIT CUPS JAKE’S FEE

Jake’s fee

Stall Hire

Plastic Cups

Plastic Cups

Plastic Cups

Plastic Cups

Fruit

Fruit

Fruit

Fruit

TOTALS
Module 13 Handouts Students

Module 13
Bookkeeping and Tax Game
Handout 5

Now transpose those figures to give you an overview for the three
months. These are your management accounts for the business. The
income per month is filled out already.

INCOME JUNE JULY AUGUST

Sales 2000 2000 4000

EXPENSES

Stall hire and


electricity
Jakes fee

Plastic cups

Fruit

Profit/ loss

You have made a profit if you What do you notice about the profits?
still have money in your pocket Remember you charge £2 for each smoothie.
after all the expenses and tax
has been paid. You have made a • How many smoothies did you sell in June?
loss if your expenses and tax are • How much did it cost to make these?
higher than the income you have
received. • How much did it cost to make each Smoothie
in June, July and August?

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