PROBLEMS ON COMPANY FINAL ACCOUNTSPremier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had thefollowing balances on 31.03.2013.Calls in arrears7,500Premisesplant and Machinery3,00,0003,30,00037,500Interim DividendStock (01.04.2012)75,000Fixtures7,200Debtors87,000Goodwill25,000Cash in Hand760Cash at Bank39,900Purchases1,85,000Preliminary expenses5,00084,865WagesGeneral expensesFreight and carriage16,83513,115Salaries14,5005,7252,100Directors FeesBad DebtsDebenture Interest paid9,000Called up capital4,00,0006% Debentures3,00,000Profit & Loss Account (01.04.2012)- cr14,50050,000CreditorsSales4,15,000General ReserveBad Debt provision (01.04.2912)25,0003,500 Adjustments:1. Depreciate plant and Machinery by 10%2. Write. off preliminary expenses P5003. Provide for Debenture Interest due4. Provide for Doubtful Debts at 5% on Debtors5. Of the Debtors 500 are further bad6. Closing Stock P95,000Prepare the Balance Sheet and Profit and Loss Account for the year ended March 31, 2013, as perlaws.

The term balance sheet refers to a financial statement that reports a company's assets, liabilities,…

PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 75,000 7,200 87,000 Interim Dividend Stock (01.04.2012) Fixtures Debtors Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 1,85,000 5,000 Purchases Preliminary expenses Wages General expenses Freight and carriage Salaries 84,865 16,835 13,115 14,500 5,725 Directors Fees Bad Debts 2,100 9,000 Debenture Interest paid Called up capital 4,00,000 3,00,000 14,500 50,000 4,15,000 6% Debentures Profit & Loss Account (01.04.2012)- cr Creditors Sales General Reserve 25,000 3,500 Bad Debt provision (01.04.2912)

PROBLEMS ON COMPANY FINAL ACCOUNTS Premier Co. Ltd has an authorised capital of P 6,00,000 in equity shares of P 10 each. It had the following balances on 31.03.2013. Calls in arrears 7,500 Premises plant and Machinery 3,00,000 3,30,000 37,500 75,000 7,200 87,000 Interim Dividend Stock (01.04.2012) Fixtures Debtors Goodwill 25,000 Cash in Hand 760 Cash at Bank 39,900 1,85,000 5,000 Purchases Preliminary expenses Wages General expenses Freight and carriage Salaries 84,865 16,835 13,115 14,500 5,725 Directors Fees Bad Debts 2,100 9,000 Debenture Interest paid Called up capital 4,00,000 3,00,000 14,500 50,000 4,15,000 6% Debentures Profit & Loss Account (01.04.2012)- cr Creditors Sales General Reserve 25,000 3,500 Bad Debt provision (01.04.2912)

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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