The following trial balance was,extracted as as at 31 Dec 2020.50,000Ordinary share capital5% preference share capital 8.000Plant & machinery at costMotor vehicle at costComputer hardware at cost34,00016 ₂0005,0009.00010% debentures.Inventenes (Man 2020)25,20011,020General expenses.PurchasesSales164, 764233, 384Investment income.1,12524.210750Sale ReturnInsurance PremiumDirectors feesRetamned earnings (1an2030) 8,470.2,000Inventory as at 31 Doc were volued at28,247are depreciatedNon-current assests areat 10%0 on cost(3) Copuration tax rate is 30%The directors proposed to pay thedividend for the preference sharesand 190 dividend for ordinary sharecapital.Income Statement Dec312020

The income statement is prepared at the end of the accounting period, the main objective is to…

The following trial balance was extracted c as at 31 Dec 2020 50.000 Ordinary share capital 8% preference share capital 8.000 34,000 165000 Plant & machinery at cost Motor vehicle at cost Computer hardware at cast 10% debentures. Intentenes (Kan 2020) 5,000 General expenses. Purchases. Sales Investment income. Sale Return Insurance Premium Directors fees Retaimed earnings (1an020) 8,470. 9.000 25.200 11,020 164, 764 233,384 24.210 750 2,000 Inventory as at 31 Dec. were volued at 28,247 Non-current assests are. at 10%0 on cost. depreciated (3) Coporation tax rate is 30% pay the The directors proposed to dividend for the preference shares and 19⁰0 dividend for ordinary share capital. Income Statement Dec 31 2020

The following trial balance was extracted c as at 31 Dec 2020 50.000 Ordinary share capital 8% preference share capital 8.000 34,000 165000 Plant & machinery at cost Motor vehicle at cost Computer hardware at cast 10% debentures. Intentenes (Kan 2020) 5,000 General expenses. Purchases. Sales Investment income. Sale Return Insurance Premium Directors fees Retaimed earnings (1an020) 8,470. 9.000 25.200 11,020 164, 764 233,384 24.210 750 2,000 Inventory as at 31 Dec. were volued at 28,247 Non-current assests are. at 10%0 on cost. depreciated (3) Coporation tax rate is 30% pay the The directors proposed to dividend for the preference shares and 19⁰0 dividend for ordinary share capital. Income Statement Dec 31 2020

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

The following trial balance was,
extracted as as at 31 Dec 2020.
50,000
Ordinary share capital
5% preference share capital 8.000
Plant & machinery at cost
Motor vehicle at cost
Computer hardware at cost
34,000
16 ₂000
5,000
9.000
10% debentures.
Inventenes (Man 2020)
25,200
11,020
General expenses.
Purchases
Sales
164, 764
233, 384
Investment income.
1,125
24.210
750
Sale Return
Insurance Premium
Directors fees
Retamned earnings (1an2030) 8,470.
2,000
Inventory as at 31 Doc were volued at
28,247
are depreciated
Non-current assests are
at 10%0 on cost
(3) Copuration tax rate is 30%
The directors proposed to pay the
dividend for the preference shares
and 190 dividend for ordinary share
capital.
Income Statement Dec31
2020

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