Beta's trial balance at 31-Dec-2020 is shown below £-Dr Cost of Sales/Sales 75,000 £-Cr 190,000 Office Rent 25,000 Plant Cost/Depreciation 200,000 120,000 Staff wages Cash at Bank Inventory £1NV Shares Retained earnings Receivables/Payables Totals 20,000 67,000 46,000 100,000 60,000 63,000 26,000 496,000 496,000 Notes 1) Wages of £4,000 were still owing at the year end. 2) Office rent of £5,000 had been prepaid. 3) 1:4 Rights Issue at £3.00 per share occurred at the year end. 4) Plant was revalued to £140,000 in Jan-20. The life was unchanged. 5) Non-current asset depreciation is 10% p.a. (straight line basis). 6) Company tax rates were 25%. Required: For Y/e Dec-20, prepare the following financial statements a) Financial Position Statement b) Income Statement c) Change in equity Statement
Beta's trial balance at 31-Dec-2020 is shown below £-Dr Cost of Sales/Sales 75,000 £-Cr 190,000 Office Rent 25,000 Plant Cost/Depreciation 200,000 120,000 Staff wages Cash at Bank Inventory £1NV Shares Retained earnings Receivables/Payables Totals 20,000 67,000 46,000 100,000 60,000 63,000 26,000 496,000 496,000 Notes 1) Wages of £4,000 were still owing at the year end. 2) Office rent of £5,000 had been prepaid. 3) 1:4 Rights Issue at £3.00 per share occurred at the year end. 4) Plant was revalued to £140,000 in Jan-20. The life was unchanged. 5) Non-current asset depreciation is 10% p.a. (straight line basis). 6) Company tax rates were 25%. Required: For Y/e Dec-20, prepare the following financial statements a) Financial Position Statement b) Income Statement c) Change in equity Statement
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Beta's trial balance at 31-Dec-2020 is shown below
£-Dr
Cost of Sales/Sales
75,000
£-Cr
190,000
Office Rent
25,000
Plant Cost/Depreciation
200,000
120,000
Staff wages
Cash at Bank
Inventory
£1NV Shares
Retained earnings
Receivables/Payables
Totals
20,000
67,000
46,000
100,000
60,000
63,000
26,000
496,000
496,000
Notes
1) Wages of £4,000 were still owing at the year end.
2) Office rent of £5,000 had been prepaid.
3) 1:4 Rights Issue at £3.00 per share occurred at the year end.
4) Plant was revalued to £140,000 in Jan-20. The life was unchanged.
5) Non-current asset depreciation is 10% p.a. (straight line basis).
6) Company tax rates were 25%.
Required:
For Y/e Dec-20, prepare the following financial statements
a) Financial Position Statement
b) Income Statement
c) Change in equity Statement
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