1. An extract of the trail balance of ABC at 30 September 2012 is set out below: Credit ('000) Particulars Debit ('000) Premises at cost 800 Plant and equipment at cost 460 Motor vehicles at cost 100 Accumulated depreciation at 1/10/2011: Premises 200 Plant & equipment 260 Motor vehicles 73 Inventory at 1/10/2011 144 Purchases 2317 Sales of finished goods 2689 Bank 363 Bank deposit account 496 Bank interest 19 Finance costs 20 Preference dividend paid Trade receivables and payables 256 170 Prepayments and Accruals Administration expenses 27 152 207 10% Loan note (repayment due 2019) Ordinary share capital Irredeemable preference share capital Share premium Retained earnings at 1/10/2011 200 650 100 250 432 ΤΟTAL 5195 5195 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 20X2. st (c) to prepare the statement of financial position at 30 September 20X2. stP
1. An extract of the trail balance of ABC at 30 September 2012 is set out below: Credit ('000) Particulars Debit ('000) Premises at cost 800 Plant and equipment at cost 460 Motor vehicles at cost 100 Accumulated depreciation at 1/10/2011: Premises 200 Plant & equipment 260 Motor vehicles 73 Inventory at 1/10/2011 144 Purchases 2317 Sales of finished goods 2689 Bank 363 Bank deposit account 496 Bank interest 19 Finance costs 20 Preference dividend paid Trade receivables and payables 256 170 Prepayments and Accruals Administration expenses 27 152 207 10% Loan note (repayment due 2019) Ordinary share capital Irredeemable preference share capital Share premium Retained earnings at 1/10/2011 200 650 100 250 432 ΤΟTAL 5195 5195 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 20X2. st (c) to prepare the statement of financial position at 30 September 20X2. stP
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1PB: Consider the following situations and determine (1) which type of liability should be recognized...
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