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The turnover of the Morrison in the year has been £ 18116 which show a decline in the year 2014 £ 17680, this meagre decline in the turnover shows the intense competition in the groceries industry.
Morrison- Morrison is also one of the biggest groceries after Tesco, Sainsbury’s etc.
This has emerged as prominent and trustworthy grocery store and is gaining popularity with its expansion plans.
2) All the operating expenses were added up than among which the following adjustment were done (Weetman, 2013) £ 8000 from rent was less because this £ 8000 pertains to the next year and was included in the trial balance.
£ 1000 from Heat & Lighting was excluded as these also belong to the next year and was already included in the Heat & Lighting.
All the adjustments were done and the comprehensive Income statement was prepared accordingly, keeping in mind the things pertaining to this year only and excluding the things which do not belong to this year (Kemp & Waybright, 2013).(Kemp & Waybright, 2013)Adjustments in the Statement of Position1) Closing stock was mentioned in the Asset side of the Balance sheet/ Statement of position.
2) The Two prepayments of Heat and Light and Rent were assets for the organization, as prepayments for further years are considered as Assets for the organization, and thereby are included in the Assets side of the Statement of position or balance sheet.With the help of Jack & Sons trail balance and the mentioned adjustment entries, prepared an adjusted trial balance for the year ended November, 2016.The following adjustments has been done in the Trial Balance-(Weetman, 2013)The Comprehensive Income statement includes all the expenses and revenues concerning in a particular period.3) Provision of depreciations for both assets that is Equipments and Motor Vehicles are increased with the amount charged for the current year.Therefore the depreciations of 40,50 respectively were further added to the provisions.And Tesco needs to maintain its position by correcting its wrong measures and techniques (Ahrendsen & Katchova, 2012). al., 2015) Analysis Gross profit refers to the profitability earn through selling of goods or services of the Organization.The Gross profit margin of Tesco has been consistent throughout the years 20 showing the organization has not put in more efforts to increase its sales.And a proper financial comparison of the two big organizations can be done with the thorough analysis of various financial and others important ratios.This report will help to increase our practical knowledge aspect regarding the Accounting theories.4) Depreciation on the Motor vehicles and on Equipment was not provided, therefore provisions have been provided for both the Assets on the rates as provided in the Adjustments entries.5) Closing stock was mentioned in the last that was also adjusted, in the Income statement.