Prepare the Statement of profit & Loss and other income statement of changes in equity statement of financial position for the year ended 31 march 2023
Prepare the Statement of profit & Loss and other income statement of changes in equity statement of financial position for the year ended 31 march 2023
Prepare the Statement of profit & Loss and other income statement of changes in equity statement of financial position for the year ended 31 march 2023
The following trial balance has been extracted from the books of Abraham as at 31st March 2023
UGX 000
UGX 000
Administrative expense
250
Distribution cost
295
Share capital (all ordinary shares of UGX 1 each
270
Share premium
80
Revaluation reserve
20
Dividend
27
Cash at bank and hand
3
Receivables
233
Interest paid
25
Dividend received
15
Interest received
1
Land and buildings at cost (land 380, building 100)
480
Land and building acc. Dep
30
Plant and machinery
400
Plant and machinery acc. Dep
170
Retained earnings account (at April 2022
235
Purchases
1260
Sales
2165
Inventory at 1 April 2022
140
Trade payables
27
Bank loan
100
Total
3113
3113
Additional Information
Inventory at 31st March 2023 was valued at a cost UGX 95000. Include in this balance were goods that had cost UGX 15000. These goods had become damaged during the year and it is considered that following remedial work the goods could be sold for UGX 5000.
income tax of UGX 165000 is to be provided for the year 31st March 2023
Depreciation for the year ended 31 march 2023 is to be charged against cost of sales as follows;
Buildings 5% on cost (straight line)
Plant and machinery 30% on carrying value (reducing balance)
Land is to be revalued upwards by UGX 100,000
Prepare the
Statement of profit & Loss and other income
statement of changes in equity
statement of financial position for the year ended 31 march 2023
Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item
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