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Question 2 The following trial balance was extracted from the books of Beta Chemist Company LTD as at 31st December 2022 Ordinary share capital Sales Opening stock 1/1/22 Audit fee Purchases Debenture interest Carriage inward Returns outwards Land Creditors Electricity expense Insurance expenses Return inwards 10% Debentures Debtors 12% preference share capital Furniture Directors fee Lorry Cash at hand Additional information 1. 2. 3. 4. 5. 6. Dr Shs 1. 2. 8,000 11,000 79,000 3,500 3,000 80,000 5,500 7,000 2,000 18,000 34,000 5,000 31,000 16,000 303,000 Value of the closing stock Shs 4,500 Prepaid audit fee shs.2,500 Cr Shs 58,000 162,000 4,000 14,000 35,000 30,000 303,000 Provide for corporation tax at a rate of 16% of the net profit Directors proposed to pay dividends to the preference share holders. Directors proposed to pay dividend to ordinary share holders at a rate of 15%. Accrued insurance expense shs 3,200 Required using the vertical format prepare: Trading and profit and loss and appropriation A/c for the year ended 31st December 2022. Balance sheet as at 31st December 2022.

Question 2 The following trial balance was extracted from the books of Beta Chemist Company LTD as at 31st December 2022 Ordinary share capital Sales Opening stock 1/1/22 Audit fee Purchases Debenture interest Carriage inward Returns outwards Land Creditors Electricity expense Insurance expenses Return inwards 10% Debentures Debtors 12% preference share capital Furniture Directors fee Lorry Cash at hand Additional information 1. 2. 3. 4. 5. 6. Dr Shs 1. 2. 8,000 11,000 79,000 3,500 3,000 80,000 5,500 7,000 2,000 18,000 34,000 5,000 31,000 16,000 303,000 Value of the closing stock Shs 4,500 Prepaid audit fee shs.2,500 Cr Shs 58,000 162,000 4,000 14,000 35,000 30,000 303,000 Provide for corporation tax at a rate of 16% of the net profit Directors proposed to pay dividends to the preference share holders. Directors proposed to pay dividend to ordinary share holders at a rate of 15%. Accrued insurance expense shs 3,200 Required using the vertical format prepare: Trading and profit and loss and appropriation A/c for the year ended 31st December 2022. Balance sheet as at 31st December 2022.

FINANCIAL ACCOUNTING
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 2 The following trial balance was extracted from the books of Beta Chemist Company LTD as at 31st December 2022 Ordinary share capital Sales Opening stock 1/1/22 Audit fee Purchases Debenture interest Carriage inward Returns outwards Land Creditors Electricity expense Insurance expenses Return inwards 10% Debentures Debtors 12% preference share capital Furniture Directors fee Lorry Cash at hand Additional information 1. 2. 3. 4. 5. 6. Dr Shs 1. 2. 8,000 11,000 79,000 3,500 3,000 80,000 5,500 7,000 2,000 18,000 34,000 5,000 31,000 16,000 303,000 Value of the closing stock Shs 4,500 Prepaid audit fee shs.2,500 Cr Shs 58,000 162,000 4,000 14,000 35,000 30,000 303,000 Provide for corporation tax at a rate of 16% of the net profit Directors proposed to pay dividends to the preference share holders. Directors proposed to pay dividend to ordinary share holders at a rate of 15%. Accrued insurance expense shs 3,200 Required using the vertical format prepare: Trading and profit and loss and appropriation A/c for the year ended 31st December 2022. Balance sheet as at 31st December 2022.
Transcribed Image Text:Question 2 The following trial balance was extracted from the books of Beta Chemist Company LTD as at 31st December 2022 Ordinary share capital Sales Opening stock 1/1/22 Audit fee Purchases Debenture interest Carriage inward Returns outwards Land Creditors Electricity expense Insurance expenses Return inwards 10% Debentures Debtors 12% preference share capital Furniture Directors fee Lorry Cash at hand Additional information 1. 2. 3. 4. 5. 6. Dr Shs 1. 2. 8,000 11,000 79,000 3,500 3,000 80,000 5,500 7,000 2,000 18,000 34,000 5,000 31,000 16,000 303,000 Value of the closing stock Shs 4,500 Prepaid audit fee shs.2,500 Cr Shs 58,000 162,000 4,000 14,000 35,000 30,000 303,000 Provide for corporation tax at a rate of 16% of the net profit Directors proposed to pay dividends to the preference share holders. Directors proposed to pay dividend to ordinary share holders at a rate of 15%. Accrued insurance expense shs 3,200 Required using the vertical format prepare: Trading and profit and loss and appropriation A/c for the year ended 31st December 2022. Balance sheet as at 31st December 2022.
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