The following trial balance has been extracted from the books of account of Beta Co at 31 March 2021: s00 So00 Administrative expenses Called up share capital (ordinary shares of $1 fully paid) Trade receivables Bank overdraft 210 600 470 Income tax (overprovision in previous year) Provision for retirement benefit costs 80 25 180 Distribution costs 420 560 Non-current asset investments Investment income Plant and equipment 75 At cost 750 Accumulated depreciation (at 31 March 2021) Retained earnings (at 1 April 2020) Purchases Inventories (at 1 April 2020) Trade payables Revenue Interim dividend paid 220 240 960 140 260 1,950 120 3.630 3.630 litional information entories at 31 March 2021 were valued at $ 150,000. quired: o far as the information permits, prepare the company's income statement for the year to 31 March 1, a statement of financial position at that date and a statement of changes in equity.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
The following trial balance has been extracted from the books of account of Beta Co at 31 March 2021:
s00
S00
Administrative expenses
210
Called up share capital (ordinary shares of $1 fully paid)
Trade receivables
600
470
Bank overdraft
80
Income tax (overprovision in previous year)
Provision for retirement benefit costs
Distribution costs
Non-current asset investments
Investment income
25
180
420
560
75
Plant and equipment
At cost
750
Accumulated depreciation (at 31 March 2021)
Retained earnings (at 1 April 2020)
Purchases
220
240
960
Inventories (at 1 April 2020)
Trade payables
140
260
Revenue
1,950
Interim dividend paid
120
3.630
3.630
Additional information
Inventories at 31 March 2021 were valued at $ 150,000.
Required:
In so far as the information permits, prepare the company's income statement for the year to 31 March
2021, a statement of financial position at that date and a statement of changes in equity.
Transcribed Image Text:The following trial balance has been extracted from the books of account of Beta Co at 31 March 2021: s00 S00 Administrative expenses 210 Called up share capital (ordinary shares of $1 fully paid) Trade receivables 600 470 Bank overdraft 80 Income tax (overprovision in previous year) Provision for retirement benefit costs Distribution costs Non-current asset investments Investment income 25 180 420 560 75 Plant and equipment At cost 750 Accumulated depreciation (at 31 March 2021) Retained earnings (at 1 April 2020) Purchases 220 240 960 Inventories (at 1 April 2020) Trade payables 140 260 Revenue 1,950 Interim dividend paid 120 3.630 3.630 Additional information Inventories at 31 March 2021 were valued at $ 150,000. Required: In so far as the information permits, prepare the company's income statement for the year to 31 March 2021, a statement of financial position at that date and a statement of changes in equity.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education