Q.2. You are presented with the following information relating to Betty's Inc for the year to 31 March 2018: Bank overdraft 500 Called-up share capital (issued and fully paid) 2,100 Corporation tax (based on the profit for the year to 31 March 2018) 900 Accounts payable 300 Accounts receivable 200 Deferred taxation (credit) 80 Non-current assets: at cost 3,800 accumulated depreciation (at 31 March 2018) 1,400 Non-current asset investments: at cost 100 Retained profits (at 1 April 2017: credit) 1,200 Proposed dividend 420 Retained profit (for the year to 31 March 2018) 585 Share premium account 315 Inventory: at cost (at 31 March 2018) 400 Trade accounts payable 2,000 Trade accounts receivable 5,300 Required: In so far as the information permits, prepare Betty's Inc statement of financial position as at 31 March 2018 in accordance with the minimum requirements of the relevant accounting standards. -888-

Q.2. You are presented with the following information relating to Betty's Inc for the year to 31 March 2018: Bank overdraft 500 Called-up share capital (issued and fully paid) 2,100 Corporation tax (based on the profit for the year to 31 March 2018) 900 Accounts payable 300 Accounts receivable 200 Deferred taxation (credit) 80 Non-current assets: at cost 3,800 accumulated depreciation (at 31 March 2018) 1,400 Non-current asset investments: at cost 100 Retained profits (at 1 April 2017: credit) 1,200 Proposed dividend 420 Retained profit (for the year to 31 March 2018) 585 Share premium account 315 Inventory: at cost (at 31 March 2018) 400 Trade accounts payable 2,000 Trade accounts receivable 5,300 Required: In so far as the information permits, prepare Betty's Inc statement of financial position as at 31 March 2018 in accordance with the minimum requirements of the relevant accounting standards. -888-

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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Question

Q.2. You are presented with the following information relating to Betty's Inc for the year to 31
March 2018:
Bank overdraft
500
Called-up share capital (issued and fully paid)
2,100
Corporation tax (based on the profit for the year to 31 March 2018) 900
Accounts payable
300
Accounts receivable
200
Deferred taxation (credit)
80
Non-current assets: at cost
3,800
accumulated depreciation (at 31 March 2018)
1,400
Non-current asset investments: at cost
100
Retained profits (at 1 April 2017: credit)
1,200
Proposed dividend
420
Retained profit (for the year to 31 March 2018)
585
Share premium account
315
Inventory: at cost (at 31 March 2018)
400
Trade accounts payable
2,000
Trade accounts receivable
5,300
Required:
In so far as the information permits, prepare Betty's Inc statement of financial position as at 31
March 2018 in accordance with the minimum requirements of the relevant accounting standards.

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