Dr $Cr $Issued Capital (200 000 @ $2 per share) 400 000Uncalled Capital (25 cents on 200 000 shares)50 000 Calls in arrears (25 cents on 2 000 shams)500 Calls in advance 3 000Cash at Bank40 000 Profit and Loss Appropriation (1/12/2018) 25 000Accounts Receivable36 000 Provision for Doubtful Debts 2 000Inventories (1/12/2018)63 000 Land200 000 Government Securities at cost60 000 Accounts Payable 52 00010% Debentures (Due 2025) 48 000Plant. Property and Equipment232 000 Provision for depreciation - Plant, Property and Equipment 40 000Salaries40 000 Purchases62 500 Purchases Returns 400Freight and insurance on purchase200 Audit Fees2 500 Interim dividend paid14 000 Advertising9 000 General Reserve 14 000Bad debts500 Sales 225 000Rental Income 1 000Discount Allowed200 810400810400Additional Information (30/11/20)The total dividend was declared 7% on paid-up capital.Transfer $5 000 to General Reserve.The land was revalued at $240 000.Depreciation on Plant, Property and Equipment $10 000 to be charged.Inventories were valued at $72 000Income tax to be 20% of the net profit amount.Additional bad debts $500 to be written off.Provision for doubtful debts to be charged at 5% of accounts receivables.Interest on debentures due $4 800.Required:Prepare the Statement of Financial Performance of Helix Company Ltd for the year ended 30th November 2020.Construct the Profit and Loss Appropriation Statement of Helix Company Ltd for the year ended 30th November 2020.

Income statement contains the information of sales, cost of goods, operating expenses, depreciation…

Answered: rest on debentures due $4 800.…

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

	Dr $	Cr $
Issued Capital (200 000 @ $2 per share)		400 000
Uncalled Capital (25 cents on 200 000 shares)	50 000
Calls in arrears (25 cents on 2 000 shams)	500
Calls in advance		3 000
Cash at Bank	40 000
Profit and Loss Appropriation (1/12/2018)		25 000
Accounts Receivable	36 000
Provision for Doubtful Debts		2 000
Inventories (1/12/2018)	63 000
Land	200 000
Government Securities at cost	60 000
Accounts Payable		52 000
10% Debentures (Due 2025)		48 000
Plant. Property and Equipment	232 000
Provision for depreciation - Plant, Property and Equipment		40 000
Salaries	40 000
Purchases	62 500
Purchases Returns		400
Freight and insurance on purchase	200
Audit Fees	2 500
Interim dividend paid	14 000
Advertising	9 000
General Reserve		14 000
Bad debts	500
Sales		225 000
Rental Income		1 000
Discount Allowed	200
	810400	810400

Additional Information (30/11/20)

The total dividend was declared 7% on paid-up capital.
Transfer $5 000 to General Reserve.
The land was revalued at $240 000.
Depreciation on Plant, Property and Equipment $10 000 to be charged.
Inventories were valued at $72 000
Income tax to be 20% of the net profit amount.
Additional bad debts $500 to be written off.
Provision for doubtful debts to be charged at 5% of accounts receivables.
Interest on debentures due $4 800.

Required:

Prepare the Statement of Financial Performance of Helix Company Ltd for the year ended 30th November 2020.
Construct the Profit and Loss Appropriation Statement of Helix Company Ltd for the year ended 30th November 2020.

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