The statements of financial position for W Limited are as follows: 31 December Non-current assets Land and buildings Cost/valuation Accumulated depreciation Plant and equipment Cost Accumulated depreciation Current assets Inventory Trade receivables Cash and cash equivalents Total Assets Equity and Liabilities Ordinary share capital ($1 shares) Share premium Revaluation reserve Retained earnings Non-current liabilities 12% debenture (2030) Current liabilities Trade payables Bank overdraft Total liabilities Total equity and liabilities 2021 $000 1150 201 949 539 326 213 1162 117 135 252 1414 600 120 80 136 936 150 86 242 328 478 1414 2020 $000 650 160 490 454 274 180 670 89 103 37 229 899 400 70 109 579 200 120 120 320 899 The following information is also available. 1 The cost of land and buildings at 31 December 2020 comprised of land $250 000 and buildings $400 000. The land, which is not depreciated, had been revalued to $330000 on 1 July 2021. 2 On 1 March 2021, a final dividend for 2020 of $0.20 per share was paid. 3 An additional 200 000 ordinary shares were issued on 1 April 2021. 4 On 1 September 2021 an interim dividend of $0.10 per share was paid on all shares in issue on that date. 5 During the year ended 31 December 2021, an item of plant and machinery, costing $12000, was sold for $3000 at a profit of $2000. 6 In the year to 31 December 2021, all interest due, $44000, has been paid.
The statements of financial position for W Limited are as follows: 31 December Non-current assets Land and buildings Cost/valuation Accumulated depreciation Plant and equipment Cost Accumulated depreciation Current assets Inventory Trade receivables Cash and cash equivalents Total Assets Equity and Liabilities Ordinary share capital ($1 shares) Share premium Revaluation reserve Retained earnings Non-current liabilities 12% debenture (2030) Current liabilities Trade payables Bank overdraft Total liabilities Total equity and liabilities 2021 $000 1150 201 949 539 326 213 1162 117 135 252 1414 600 120 80 136 936 150 86 242 328 478 1414 2020 $000 650 160 490 454 274 180 670 89 103 37 229 899 400 70 109 579 200 120 120 320 899 The following information is also available. 1 The cost of land and buildings at 31 December 2020 comprised of land $250 000 and buildings $400 000. The land, which is not depreciated, had been revalued to $330000 on 1 July 2021. 2 On 1 March 2021, a final dividend for 2020 of $0.20 per share was paid. 3 An additional 200 000 ordinary shares were issued on 1 April 2021. 4 On 1 September 2021 an interim dividend of $0.10 per share was paid on all shares in issue on that date. 5 During the year ended 31 December 2021, an item of plant and machinery, costing $12000, was sold for $3000 at a profit of $2000. 6 In the year to 31 December 2021, all interest due, $44000, has been paid.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the statement of
with IAS 7.
Transcribed Image Text:The statements of financial position for W Limited are as follows:
31 December
Non-current assets
Land and buildings
Cost/valuation
Accumulated depreciation
Plant and equipment
Cost
Accumulated depreciation
Current assets
Inventory
Trade receivables
Cash and cash equivalents
Total Assets
Equity and Liabilities
Ordinary share capital ($1 shares)
Share premium
Revaluation reserve
Retained earnings
Non-current liabilities
12% debenture (2030)
Current liabilities
Trade payables
Bank overdraft
Total liabilities
Total equity and liabilities
2021
$000
1150
201
949
539
326
213
1162
117
135
252
1414
600
120
80
136
936
150
86
242
328
478
1414
2020
$000
650
160
490
454
274
180
670
89
103
37
229
899
400
70
109
579
200
120
120
320
899
The following information is also available.
1
The cost of land and buildings at 31 December 2020 comprised of land $250000 and buildings
$400 000. The land, which is not depreciated, had been revalued to $330000 on 1 July 2021.
2
On 1 March 2021, a final dividend for 2020 of $0.20 per share was paid.
3
An additional 200 000 ordinary shares were issued on 1 April 2021.
4
On 1 September 2021 an interim dividend of $0.10 per share was paid on all shares in issue on
that date.
5 During the year ended 31 December 2021, an item of plant and machinery, costing $12000, was
sold for $3000 at a profit of $2000.
6
In the year to 31 December 2021, all interest due, $44000, has been paid.
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