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TION 7. Following bala E BEE Ltd. : 4,50,00 3 49.16 s at cost

TION 7. Following bala E BEE Ltd. : 4,50,00 3 49.16 s at cost

FINANCIAL ACCOUNTING
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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3. 2021 (ILLUSTRATION 7. Following balances are extracted on 31st March, 2015 from the books of CEE BEE Ltd. : 4,50,000 Share Capital : 3,49,160 30,000, 7% Preference Shares of 73,000 1,21,780 60,000 Equity Shares of 2,850 28,400 Surplus A/c 19,500 Gross Profit for the year 68,500 Provision for doubtful debts 3,600 Sundry Creditors 10,000 Transfer Fees 1,14,600 Accrued Wageş 7,980 Staff Benevolent Fund 32,000 Factory Premises at cost Plant and Machinery at cost Motor Lorries at cost * 10 each 3,00,000 Sundry Debtors Bad Debts written off 6,00,000 16,240 2,46,640 9,000 1,29,640 110 12,840 17,900 * 10 each Rent, Rates and Taxes Advertisement Cash In hand and at Bank Directors' Fees Audit Fees 2021 Stock on 31-3-2015 Rent and Taxes paid in advance Salaries and Wages Dividends paid on: On Preference Shares On Equity Shares (Interim) 21,000 15,000 15,000 Patents 13,32,370 13,32,370 The provision for doubtful debts is to be made upto 7 10,200. The Factory Premises, Plant and Machinery and Motor Lorrles are to be depreciated by 3%, 15% and 20% respectively. The Authorised Capital of the company is 7 10,00,000 divided Into 1,00,000 shares of ? 10 each. You are required to prepare: 2021 () Statement of Profit and Loss for the year ended 31st March, 2015. () a Balance Sheet as at 31st March, 201 In the form prescribed under the Companles Act, 2013. Prevlous year's figures are not required and also ignore taxation and transfer to reserves as required by law. You need not provide corporate dividend tax.
Transcribed Image Text:3. 2021 (ILLUSTRATION 7. Following balances are extracted on 31st March, 2015 from the books of CEE BEE Ltd. : 4,50,000 Share Capital : 3,49,160 30,000, 7% Preference Shares of 73,000 1,21,780 60,000 Equity Shares of 2,850 28,400 Surplus A/c 19,500 Gross Profit for the year 68,500 Provision for doubtful debts 3,600 Sundry Creditors 10,000 Transfer Fees 1,14,600 Accrued Wageş 7,980 Staff Benevolent Fund 32,000 Factory Premises at cost Plant and Machinery at cost Motor Lorries at cost * 10 each 3,00,000 Sundry Debtors Bad Debts written off 6,00,000 16,240 2,46,640 9,000 1,29,640 110 12,840 17,900 * 10 each Rent, Rates and Taxes Advertisement Cash In hand and at Bank Directors' Fees Audit Fees 2021 Stock on 31-3-2015 Rent and Taxes paid in advance Salaries and Wages Dividends paid on: On Preference Shares On Equity Shares (Interim) 21,000 15,000 15,000 Patents 13,32,370 13,32,370 The provision for doubtful debts is to be made upto 7 10,200. The Factory Premises, Plant and Machinery and Motor Lorrles are to be depreciated by 3%, 15% and 20% respectively. The Authorised Capital of the company is 7 10,00,000 divided Into 1,00,000 shares of ? 10 each. You are required to prepare: 2021 () Statement of Profit and Loss for the year ended 31st March, 2015. () a Balance Sheet as at 31st March, 201 In the form prescribed under the Companles Act, 2013. Prevlous year's figures are not required and also ignore taxation and transfer to reserves as required by law. You need not provide corporate dividend tax.
1. An extract of the trail balance of ABC at 30 September 2012 is set out below: Debit ('000) Credit ('000) Particulars 800 Premises at cost 460 Plant and equipment at cost P.F,E Motor vehicles at cost Accumulated depreciation at 1/10/2011: Premises 100 000, 200 lowrio 260ls Plant & equipment - B|S Motor vehicles 73 144 loM Inventory at 1/10/2011 op 2317 JA Purchases Sales of finished goods 2689 Bank 363 Bank deposit account 496 Bank interest 19 Finance costs 20 Preference dividend paid Trade receivables and payables Prepayments and Accruals Administration expenses 10% Loan note (repayment due 2019) Ordinary share capital Irredeemable preference share capital Share premium Retained earnings at 1/10/2011 1700 152 256 27 207 200 650 100 250 432 TOTAL 5195 5195 0000000 Notes: 1. Closing inventory at 30 September 2012 was valued at cost of Rs. 94,000. 2. The premises were revalued from a carrying value of Rs. 6,00,000 to Rs. 8,50,000 during the year. 3. Administration expenses included a dividend paid by ABC to its shareholders of Rs. 31,000. 4. The income tax charge on the profit for the year amounted to Rs. 39,000 and had not yet been accounted for. 5. The 10% loan note had been in issue throughout the year ended 30 Sept 2012. Required: (a) to prepare the statement of comprehensive income for the year ended 30 September 20X2. (b) to prepare the statement of changes in equity for the year ended 30 September 000 to Rs. 8 50 000 20X2. SOCIE (c) to prepare the statement of financial position at 30 September 20X2.
Transcribed Image Text:1. An extract of the trail balance of ABC at 30 September 2012 is set out below: Debit ('000) Credit ('000) Particulars 800 Premises at cost 460 Plant and equipment at cost P.F,E Motor vehicles at cost Accumulated depreciation at 1/10/2011: Premises 100 000, 200 lowrio 260ls Plant & equipment - B|S Motor vehicles 73 144 loM Inventory at 1/10/2011 op 2317 JA Purchases Sales of finished goods 2689 Bank 363 Bank deposit account 496 Bank interest 19 Finance costs 20 Preference dividend paid Trade receivables and payables Prepayments and Accruals Administration expenses 10% Loan note (repayment due 2019) Ordinary share capital Irredeemable preference share capital Share premium Retained earnings at 1/10/2011 1700 152 256 27 207 200 650 100 250 432 TOTAL 5195 5195 0000000 Notes: 1. Closing inventory at 30 September 2012 was valued at cost of Rs. 94,000. 2. The premises were revalued from a carrying value of Rs. 6,00,000 to Rs. 8,50,000 during the year. 3. Administration expenses included a dividend paid by ABC to its shareholders of Rs. 31,000. 4. The income tax charge on the profit for the year amounted to Rs. 39,000 and had not yet been accounted for. 5. The 10% loan note had been in issue throughout the year ended 30 Sept 2012. Required: (a) to prepare the statement of comprehensive income for the year ended 30 September 20X2. (b) to prepare the statement of changes in equity for the year ended 30 September 000 to Rs. 8 50 000 20X2. SOCIE (c) to prepare the statement of financial position at 30 September 20X2.
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