Question

Trial balance of Corria Plc for the year ending 31st March 2019 £000 £000 Cr Dr 10,000 2,000 12,855 96,350 18,900 Share capital Share premium Retained earnings Sales Receivables and payables Discounts allowed and received 5% loan Cost of sales 26,400 450 725 20,000 59,390 4,370 2,315 6,320 800 Inventory at 31 March 2019 Bank Selling and distribution costs Irrecoverable debt Allowance for receivables 480 50,000 Buildings cost Accumulated depreciation for buildings as at 1 April 2018 Motor vehicles cost Accumulated depreciation for motor vehicle as at 1 April 2018 Administrative expenses Motor vehicle expenses Directors salaries 12,500 3,000 500 15,340 760 7,000 1,400 Dividend paid Rent Received 855 Interest paid to 30 September 2018 nandal dst Suspense 500 80 176,645 176,645 You are given the following information in respect of the company at 31st March 2019 Included in the closing, inyentory at the 31st March 2019 are goods that were purchased for £290.000, Due to them being stored incorrectly they have now become damáged and can now be sold for £145,000 Depreciation is to be provided for the year to 31st March 2019 as follows: Buildings 10% per annum straight line basis Motor vehicles 25 % per annum reducing balance basis 2 A full year's depreciation is charged in the year of purchase and none in the year of disposal. The second half year's debenture interest is to be accrued. One of Corria's tenants pays in arrears and at the 31st March 2019 they owe £35,000. 4 acamed inorme uIreut aset Ape pard

Please help me to do the profit and loss statement and balance sheet.

Answer 1

Corria plc Income Statement for the year ended March 31, 2019 96,350 725 900 97,975 59,390 145 Particulars Sales Discounts received Rent received (incl accrued) (855+(80-35)] Total Revenue (-) Expenses Cost of Sales (+) Decrease in closing inventory (290-145) Discount allowed Selling and Distribution costs Irrecoverable Debt Administrative expenses Motor Vehicle expenses Director's Salaries Interest expense paid (+) Outstanding interest payable (20000*5%*6/12) Depreciation expense- Building (50000*10%) Depreciation expense- Motor Vehicles (3000-500)*25% Total expenses 450 6,320 800 15,340 760 7,000 500 500 5,000 625 96,830 Net Profit 1,145 Corria Plc Statement of Shareholder's Equity Share Capital Share Premium 10,000 2,000 Particulars Balance at April 1, 2018 (+) Net Profit for the year (+) Dividend Paid Balance at March 31, 2019 Retained Earnings 12,855 1,145 1,400 15,400 Total Shareholders Equity 24,855 1,145 1,400 27,400 10,000 2,000

$ Corria plc Balance Sheet as on March 31, 2019 Particulars Assets Current Assets Bank Receivables (-) Allowance for receivables Inventory (4370-145) Total Current Assets Long-Term Assets Building cost (-) Accumulated Depreciation- Building (12500+5000) 2,315 26,400 -480 25,920 4,225 32,460 50,000 -17,500 32,500 Motor Vehicles cost (-) Accumulated Depreciation- Motor Vehicles (500+625) Total Long-Term Assets 3,000 -1,125 1,875 34,375 66,835 Total Assets Liabilities 18,900 500 35 20,000 39,435 Payables Interest Payable Rent received in advance 5% Loan Total Liabilities Stockholder's Equity Share Capital Share Premium Retained Earnings Total Owner's Equity 10,000 2,000 15,400 27,400 Total Liabilities and Owners Equity 66,835