balances below remained in the books of Stanigar Ltd after the preparation of the Trading and Profit and Loss Account for year ended June 30, 2004. Net Profit 319 400 Debtors 86 000 Creditors 38 000 Interim dividend paid to ordinary shareholders 20 000 Fixed assets at cost 548 000 Accumulated depreciation 27 400 Unappropriated profits brought forward 55 000 Ordinary shares ($2 each) 100 000 5 percent preference shares ($3 each) 40 000
The balances below remained in the books of Stanigar Ltd after the preparation of the Trading and
Net Profit 319 400
Debtors 86 000
Creditors 38 000
Interim dividend paid to ordinary shareholders 20 000
Fixed assets at cost 548 000
Unappropriated profits brought forward 55 000
Ordinary shares ($2 each) 100 000
5 percent
Stocks (June 30, 2004) 66 000
Bank overdraft 15 000
Prepaid expenses 3 500
Interest on loan outstandıng 56 000
Cash balance 2 300
Directors fee outstanding
14 percent loan 30 000
Prepare in vertical format, the balance sheet of Stanigar Ltd.
Explain the meaning of the term '14 per cent' beside the word "loan".
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