![banked on 2.4.18. This transaction has not yet been recorded in the accounting records. 4 Depreciation is to be provided on the non-current assets using the following annual rates Shop fixtures and fittings Delivery vans 25% per year on a straight line basis 40% per year on a reducing balance basis A full years depreciation is provided in the year of acquisition and no depreciation is provided in the year of disposal. 5. The inventory was counted on 31.3.18 and valued at the retail selling price of £240,000. Goods are generally sold with a margin of 40%. Some of these goods with a selling price of £18,000 are no longer fit to be sold in the companys stores and will be sold to a market trader for £3,000 in April 2018. 6. The company has some credit customers and it has just been told that an old customer has gone bankrupt, owing Edgware Ltd £2,000. debts of 2% of remaining receivables is to be made A provision for bad 7. Corporation tax for the year ended 31.3.18 is estimated to be £18,000 and is to be paid on 1.1.19 8. On 25.3.18, the company issued 200,000 shares for £950,000. present, in a separate bank account in the name of the company but this transaction has not yet been brought into the companys accounting records. This sum is, at 9. The directors plan to pay a dividend in respect of the current year of 20p per share, payment to be made in May 2018. Required (a) Prepare an income statement for Edgware Ltd for the year ended 31.3.18, statement of financial position at 31.3.18 and statement of movements in equity for the year ended 31.3.18 in a form suitable for presentation to the directors. 25 marks] (b) The companys Marketing Director has asked you, as the Finance Director, to explain why the cost of the recent television advertising campaign amounting to £50,000 paid for by the company in March 2018, due to appear on television in May 2018, has been included in advertising expenses in the draft income statement. After all, she says in her email to you, this will boost sales in the next financial year so surely it should be treated as an asset in the Statement of Financial Position. Not only that. I cant understand while the good name and reputation of the company, which our Chief Executive boasts is one of our most valuable assets isnt listed in the assets, either. It must be worth a huge sum of money.](http://img.homeworklib.com/questions/573b4d50-3f39-11eb-bda8-3181d85458a5.png?x-oss-process=image/resize,w_560)
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Edgware Ltd retails clothes from several shops in London. The company's trial balance at 31.3.18 before...
4. The following balances were extracted from the tria balance of Takan ltd manufacturing company as...
4. The following balances were extracted from the tria balance of Takan ltd manufacturing company as at 31 Dec 2013 Ksh ‘000’ 1 January 2012: raw materials 8,000 Work in progress 3,500 Finished goods 3,500 31 December 2013 raw material 10,500 Work in progress 4,200 Finished goods 44,000 Wages 39,000 Factory salaries 25,000 Purchases of raw materials 87,000 Fuel and power 9,900 Direct expenses 1,400 Lubricants 3,000 Carriage inwards 2,000 Factory rent 7,200 Office rent 2,000 Depreciation on factory plant...
QI. The following trial balance is extracted from the books of B-Strong Bhd: Trial balance as...
QI. The following trial balance is extracted from the books of B-Strong Bhd: Trial balance as at 31 December 2018 RM RM 96,000 100.000 192.000 480,000 24.000 96,000 480,000 576,000 192,000 10,000 216.000 40.000 8% debentures 8% preference shares of RM1/- each Asset revaluation reserve Building (cost) Deferred tax liability Furniture and fittings (cost) Land (revalued) Ordinary shares of RM1/- each Plant and equipment (cost) Research expenses Retained profits b/d Tax paid Accumulated depreciation at 1.1.2018: Building Plant and equipment...
On December 31, 2017 the following Trial Balance was extracted from the books of Rosetta Park....
On December 31, 2017 the following Trial Balance was extracted from the books of Rosetta Park. Details/Accounts Dr Cr Capital - 151,350 Acc. Prov. for Depreciation: Fixtures and Fittings Jan. 2017 - 4,500 Acc. Prov. for Depreciation: Motor Vehicle Jan. 2017 - 4,950 Creditors - 40,500 Commission Received - 5,400 Rent Received - 18,000 Sales - 61,500 Purchases 17,400 - Office Expenses 16,000 - Miscellaneous Expenses 1,110 - Salary and Wages 11,700 - Carriage inwards 150 - Telephone Expense 360...
Question 1 Consider the following data being taken out of the Trial Balance of FW Ltd,...
Question 1 Consider the following data being taken out of the Trial Balance of FW Ltd, as at 31 March 2019: Cr Ordinary shares of $5 each 530,000 8% debentures 90,000 General reserve 100,000 Retained profits 135,323 Equipment at cost 175,000 Furniture at cost 196,000 Accumulated depreciation - Equipment 89,500 Accumulated depreciation - Furniture 147,800 Stock at 31 March 2018 93,683 Accounts Receivable SER 220,640 Accounts Payable 91,661 Cash at bank 566,6621 Purchases 128,820 Sales SE 530,260 Administrative expenses 73,740...
Prepare a fully classified Income Statement using the Trial Balance provided for the period in question....
Prepare a fully classified Income Statement
using the Trial Balance provided for the period in question.
Ms Daphne Blake is the sole proprietor of 'Sunset, a beach shade sale and hire business specialising in beach tents. She is also a good friend of Fred Jones and often refers customers who are holidaying in the area to the 'Shore Read'. The following Trial Balance for 'Subsetz has been prepared at peaceod by Ms Blake who likes to keep a hand in...
On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year...
On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year 2017. At that date is has calculated the following accruals for 2017: Electricity for December 2017 $2,000 Water for December $650 Audit fees for the year 2017 $5,500 On March 13 2018, it has paid the above expenses in full, however audit fees actually paid were $5,000 since the auditors decided to give a discount to the company. Required: Prepare the journal entries for...
Section B: Long Questions (Total 75 marks) BI. The following trial balance was extracted from the...
Section B: Long Questions (Total 75 marks) BI. The following trial balance was extracted from the books of Mac Limited as at 31 October 2019: Trial Balance as at 31 October 2019 Dr. Cr. 1.476.948 4,349,474 66.554 18.600 25.000 884,500 53,000 13,000 636,000 18,000 30,000 332,400 553,800 Purchases Sales Returns inwards Returns outwards Insurance Wages and salaries Electricity Telephone charges Rent and rates Carriage Debenture interest paid Advertising expenses Trade receivables Trade payables Discount received Cash at bank Allowance for...
You have been provided with the following selected accounts for Monty Ltd. for the year ended...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
QUESTION 1 The following trial balance relates to Golden Ltd at 30th Sales (a) Material purchases...
QUESTION 1 The following trial balance relates to Golden Ltd at 30th Sales (a) Material purchases (b) Production labour (b) Factory overheads (b) Distribution costs Administrative expenses (c) Finance costs Investment income Leased property - at cost (b) Plant and equipment - at cost (b) Accumulated amortisation/depreciation at 1/10/2017 - leased property - plant and equipment Equity investments (e) Inventory at 1/10/17 Trade receivables Trade payables Bank Stated capital (GHS0.2) Income surplus (1/10/2017) Deferred tax (f) The following notes are...
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank...
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank Accounts receivable GST receivable Prepaid insurance Party equipment Accumulated depreciation – party equipment Furniture Accumulated depreciation – furniture Accounts payable GST payable E. Johns, Capital E. Johns, Drawings Hire fees revenue Salaries expense Rent expense Maintenance expense Electricity expense $ 5 200 2 400 3 300 1 200 31 400 47 300 18 310 26 500 5 700 3 100 1 400 $...
QI. The following trial balance is extracted from the books of B-Strong Bhd: Trial balance as at 31 December 2018 RM RM 96,000 100.000 192.000 480,000 24.000 96,000 480,000 576,000 192,000 10,000 216.000 40.000 8% debentures 8% preference shares of RM1/- each Asset revaluation reserve Building (cost) Deferred tax liability Furniture and fittings (cost) Land (revalued) Ordinary shares of RM1/- each Plant and equipment (cost) Research expenses Retained profits b/d Tax paid Accumulated depreciation at 1.1.2018: Building Plant and equipment...
Question 1 Consider the following data being taken out of the Trial Balance of FW Ltd, as at 31 March 2019: Cr Ordinary shares of $5 each 530,000 8% debentures 90,000 General reserve 100,000 Retained profits 135,323 Equipment at cost 175,000 Furniture at cost 196,000 Accumulated depreciation - Equipment 89,500 Accumulated depreciation - Furniture 147,800 Stock at 31 March 2018 93,683 Accounts Receivable SER 220,640 Accounts Payable 91,661 Cash at bank 566,6621 Purchases 128,820 Sales SE 530,260 Administrative expenses 73,740...
Prepare a fully classified Income Statement
using the Trial Balance provided for the period in question.
Ms Daphne Blake is the sole proprietor of 'Sunset, a beach shade sale and hire business specialising in beach tents. She is also a good friend of Fred Jones and often refers customers who are holidaying in the area to the 'Shore Read'. The following Trial Balance for 'Subsetz has been prepared at peaceod by Ms Blake who likes to keep a hand in...
Section B: Long Questions (Total 75 marks) BI. The following trial balance was extracted from the books of Mac Limited as at 31 October 2019: Trial Balance as at 31 October 2019 Dr. Cr. 1.476.948 4,349,474 66.554 18.600 25.000 884,500 53,000 13,000 636,000 18,000 30,000 332,400 553,800 Purchases Sales Returns inwards Returns outwards Insurance Wages and salaries Electricity Telephone charges Rent and rates Carriage Debenture interest paid Advertising expenses Trade receivables Trade payables Discount received Cash at bank Allowance for...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
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