Blyth Traders are a well-established wholesale business operating in the north of Englandand south Scotland. Their trial balance for year ended 31st December 2021 is presentedbelow:Dr [£]Cr [£]Non-current assets (cost):Plant and machinery150,000Vehicles100,000Premises600,000Accumulated depreciation (1-1-21):Plant and equipment90,000Vehicles50,000Premises96,000Sales829,000Sales returns2,000Purchases335,000Carriage inWages and salariesDiscounts allowed15,000114,0004,500Electricity costsVehicle maintenance37,5002,5008,000Advertising and marketing14,000Irrecoverable debts3,000Allowance for receivables1,500Bank19,200Accounts payable31,600Accounts receivable60,000Inventory (1-1-21)DrawingsBank loan [10%]Capital (1-1-21)91,70060,000150.000324,9001,594,7001,594,700Additional notes:1) Inventory at 31st December 2021 was valued at £94,000. However, on 4thJanuary 2022 additional lines of inventory were uncovered that had not beenincluded in the previous count. At cost this inventory would be valued at £5,000but 50% of the items were damaged and would probably fetch £500 at auction.Auction fees would be £100.2) Salary bill for Blyth is £10,000 per month.3) The electricity charge represents 15 months payment to 1st March 2022.4) Blyth pays a local garage £800 per month for maintenance and fuel costs. Arrearsto be settled by the end of the first week in 2022.5) The contract for advertising is with a newly established local company and Blythhas supported the company by settling the contract from 1st January 2021 up tothe end of April 2022.6) Blyth decides at the end of 2021 to double the allowance on receivables.7) Blyth disposed of an item of plant in 2021 for £8,000. The plant had beenpurchased in 2018 at a cost of £40,000 (Blyth charges no depreciation in year ofdisposal). This transaction has not yet been recorded in the books of Blyth.8) Depreciation rates are:Premises, straight line over 50 yearsPlant, 20% straight lineVehicles, 50% reducing balance Required:(a)Prepare a statement of profit or loss for y/e 31st December 2021 and astatement of financial position as at that date.

Profit and Loss Account The purpose preparing the income statement to know the actual net income of…

Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in 15,000

Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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