The following is the trial balance for Scream Ltd. as at its year-end of 31 March 20X7.Ordinary Shares of £1 NV each200,0008% Cumulative Preference Shares of £1 NV each50,000Purchases624,000Sales756,200Stock (Inventory) as at 1 April 20X6Van ExpensesWarehouse WagesHeating and Lighting costs incurredRates cost incurred60,2404,70017,1607,30012,0006,4809,72080,0009,00040,000Repairs and Maintenance costs incurredOffice SalariesFixtures and Fittings (at Cost)Office Equipment (at Cost)Motor Vans (at Cost)Fixtures and Fittings (Accumulated Depreciation)Office Equipment (Accumulated Depreciation)Motor Vans (Accumulated Depreciation)Discounts Receivable (an income / revenue item)Discounts Payable (an expense)30,0002,50020,0001,2002,650Directors' Fees6,000Directors' Salaries18,000AdvertisingPremises (cost)1,200150,000Share Premium20,000Interim Dividends (Preference)Interim Dividends (Ordinary)Debtors and Prepayments2,00010,00080,50051,20043,200Creditors and AccrualsProfit and Loss Account 31 March 20X6Cash at Bank33,350 Other informationa)Stock (Inventory) as at 31 March 20X7 was £74,340.At 31 March 20X7, there was an electricity bill outstanding for £700. Also at thatdate, prepaid rates were £2,400, office salaries owing were £280, and wages owingwere £840.b)Heating and Lighting, Rates, and Repairs and Maintenance are to be allocated 7/8thto the warehouse and 1/8th to the office, and this split should be reflected in thefinal Profit and Loss account.c)d)Depreciation on Motor Vans is charged at 25% using the reducing balance methodwhilst for Fixtures and Fittings and Office Equipment the depreciation charge issimply 10% on cost.e)Before the year-end, the directors of Scream Ltd. had decided that a finalpreference dividend should be paid and also to recommended final ordinary dividendof 15p per share. (Think carefully about what you need to do with these items.)RequiredPrepare a Profit and Loss account (Income Statement) for Scream Ltd. for the year ending 31March 20X7 and a Balance Sheet (Statement of Financial Position) as at that date.Note: you should use the extended trial balance format for workings: an answer will be providedafter the workshops using this approach. You should ensure that your workings are clear andcomplete and that it is evident from where the figures you derive come.

A trial balance is a statement that is prepared using the balances of all the ledger accounts. The…

The following is the trial balance for Scream Ltd. as at its year-end of 31 March 20X7. £ Ordinary Shares of £1 NV each 200,000 50,000 8% Cumulative Preference Shares of £1 NV each Purchases 624,000 Sales 756,200 Stock (Inventory) as at 1 April 20X6 Van Expenses Warehouse Wages Heating and Lighting costs incurred Rates cost incurred 60,240 4,700 17,160 7,300 12,000 Repairs and Maintenance costs incurred Office Salaries 6,480 9,720 Fixtures and Fittings (at Cost) Office Equipment (at Cost) Motor Vans (at Cost) Fixtures and Fittings (Accumulated Depreciation) Office Equipment (Accumulated Depreciation) Motor Vans (Accumulated Depreciation) Discounts Receivable (an income / revenue item) Discounts Payable (an expense) 80,000 9,000 40,000 30,000 2,500 20,000 1,200 2,650 Directors' Fees 6,000 Directors' Salaries 18,000 1,200 Advertising Premises (cost) 150,000 Share Premium 20,000 Interim Dividends (Preference) Interim Dividends (Ordinary) Debtors and Prepayments 2,000 10,000 80,500 Creditors and Accruals 51,200 43,200 Profit and Loss Account 31 March 20X6 Cash at Bank 33,350

The following is the trial balance for Scream Ltd. as at its year-end of 31 March 20X7. £ Ordinary Shares of £1 NV each 200,000 50,000 8% Cumulative Preference Shares of £1 NV each Purchases 624,000 Sales 756,200 Stock (Inventory) as at 1 April 20X6 Van Expenses Warehouse Wages Heating and Lighting costs incurred Rates cost incurred 60,240 4,700 17,160 7,300 12,000 Repairs and Maintenance costs incurred Office Salaries 6,480 9,720 Fixtures and Fittings (at Cost) Office Equipment (at Cost) Motor Vans (at Cost) Fixtures and Fittings (Accumulated Depreciation) Office Equipment (Accumulated Depreciation) Motor Vans (Accumulated Depreciation) Discounts Receivable (an income / revenue item) Discounts Payable (an expense) 80,000 9,000 40,000 30,000 2,500 20,000 1,200 2,650 Directors' Fees 6,000 Directors' Salaries 18,000 1,200 Advertising Premises (cost) 150,000 Share Premium 20,000 Interim Dividends (Preference) Interim Dividends (Ordinary) Debtors and Prepayments 2,000 10,000 80,500 Creditors and Accruals 51,200 43,200 Profit and Loss Account 31 March 20X6 Cash at Bank 33,350

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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Subject:: accounting
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