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Hayday PLC. Trial Balance as at 31st December 2021 is shown below: £s Revenue Administrative expenses 237,150 175,200 Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/2021 81,150 276,750 Inventories - finished goods -31/12/20 Work in Progress 31/12/20 49,123 Inventories - Raw materials at cost 31/12/20 162,600 Purchases-Raw materials 1,501,062 Carriage inwards - raw materials 15,570 Manufacturing wages 187,500 Ordinary shares issued 900,000 of £0.50 8.4% cumulative preference shares 150,000 of £1 each Revaluation surplus Share premium General reserve Retained earnings 31/12/20 Patents and trademarks Freehold property at cost Leasehold property at cost Amortisation of leasehold property - 31/12/20 Plant & Equipment at cost Accumulated depreciation - plant and equipment - 31/12/20 Furniture & Fittings at Cost Accumulated depreciation - furniture & fittings 31/12/20 Motor Vehicles at cost Accumulated depreciation - motor vehicles 31/12/20 10% loan notes Trade payables Trade receivables Bank Overdraft Cash 323,250 375,000 112,500 225,000 75,000 112,500 266,445 7,680 4.183.480 £s 2,290,125 8,625 450,000 150,000 65,000 150,000 85,000 425,230 22,500 102,750 23,625 37,500 150,000 146,250 76,875 4,183,480

Hayday PLC. Trial Balance as at 31st December 2021 is shown below: £s Revenue Administrative expenses 237,150 175,200 Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/2021 81,150 276,750 Inventories - finished goods -31/12/20 Work in Progress 31/12/20 49,123 Inventories - Raw materials at cost 31/12/20 162,600 Purchases-Raw materials 1,501,062 Carriage inwards - raw materials 15,570 Manufacturing wages 187,500 Ordinary shares issued 900,000 of £0.50 8.4% cumulative preference shares 150,000 of £1 each Revaluation surplus Share premium General reserve Retained earnings 31/12/20 Patents and trademarks Freehold property at cost Leasehold property at cost Amortisation of leasehold property - 31/12/20 Plant & Equipment at cost Accumulated depreciation - plant and equipment - 31/12/20 Furniture & Fittings at Cost Accumulated depreciation - furniture & fittings 31/12/20 Motor Vehicles at cost Accumulated depreciation - motor vehicles 31/12/20 10% loan notes Trade payables Trade receivables Bank Overdraft Cash 323,250 375,000 112,500 225,000 75,000 112,500 266,445 7,680 4.183.480 £s 2,290,125 8,625 450,000 150,000 65,000 150,000 85,000 425,230 22,500 102,750 23,625 37,500 150,000 146,250 76,875 4,183,480

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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Hayday PLC. Trial Balance as at 31st December 2021 is shown below: £s Revenue Administrative expenses 237,150 175,200 Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/2021 81,150 276,750 Inventories - finished goods -31/12/20 Work in Progress 31/12/20 49,123 Inventories - Raw materials at cost 31/12/20 162,600 Purchases - Raw materials 1,501,062 Carriage inwards - raw materials 15,570 Manufacturing wages 187,500 Ordinary shares issued 900,000 of £0.50 8.4% cumulative preference shares 150,000 of £1 each Revaluation surplus Share premium General reserve Retained earnings 31/12/20 Patents and trademarks Freehold property at cost Leasehold property at cost Amortisation of leasehold property - 31/12/20 Plant & Equipment at cost Accumulated depreciation - plant and equipment - 31/12/20 Furniture & Fittings at Cost Accumulated depreciation - furniture & fittings 31/12/20 Motor Vehicles at cost Accumulated depreciation - motor vehicles 31/12/20 10% loan notes Trade payables Trade receivables Bank Overdraft Cash 323,250 375,000 112,500 225,000 75,000 112,500 266,445 7.680 4,183,480 £s 2,290,125 8,625 450,000 150,000 65,000 150,000 85,000 425,230 22,500 102,750 23,625 37,500 150,000 146,250 76,875 4,183,480
Transcribed Image Text:Hayday PLC. Trial Balance as at 31st December 2021 is shown below: £s Revenue Administrative expenses 237,150 175,200 Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/2021 81,150 276,750 Inventories - finished goods -31/12/20 Work in Progress 31/12/20 49,123 Inventories - Raw materials at cost 31/12/20 162,600 Purchases - Raw materials 1,501,062 Carriage inwards - raw materials 15,570 Manufacturing wages 187,500 Ordinary shares issued 900,000 of £0.50 8.4% cumulative preference shares 150,000 of £1 each Revaluation surplus Share premium General reserve Retained earnings 31/12/20 Patents and trademarks Freehold property at cost Leasehold property at cost Amortisation of leasehold property - 31/12/20 Plant & Equipment at cost Accumulated depreciation - plant and equipment - 31/12/20 Furniture & Fittings at Cost Accumulated depreciation - furniture & fittings 31/12/20 Motor Vehicles at cost Accumulated depreciation - motor vehicles 31/12/20 10% loan notes Trade payables Trade receivables Bank Overdraft Cash 323,250 375,000 112,500 225,000 75,000 112,500 266,445 7.680 4,183,480 £s 2,290,125 8,625 450,000 150,000 65,000 150,000 85,000 425,230 22,500 102,750 23,625 37,500 150,000 146,250 76,875 4,183,480
1. A gain of £20,000 made on the revaluation at old freehold property during the year is yet to be accounted for 2. Inventory at 31st December 2021 were: Raw Materials Finished Goods Work in Progress £s 168,900 788,787 56,700 (iii) Legal and professional expenses include Solicitor's fees for the purchase of new freehold land during the year £7,500 Provision is to be made for the full years interest on the loan notes The leasehold land and buildings are held on 50 years lease with 40 years unexpired life left as at 31st December 2021 Depreciation for the year is to be charged as follows: Plant and equipment 8% on cost - Charged to production - Furniture and fittings 10% on cost-charged to administration Motor Vehicles -20% on carrying amount-Charged 25% to administration and 75% to selling and distribution (vii) Corporate income tax on the profit for the year is estimated at £68,900 and is due for payment on 28th February 2022 (viii) Dividend of £2.25 pence per ordinary share is recommended for payment by the directors. No dividend was paid in the previous financial year Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31st December 2021 in accordance with International Financial Reporting Standards Show all your workings. (iv) (v) (vi)
Transcribed Image Text:1. A gain of £20,000 made on the revaluation at old freehold property during the year is yet to be accounted for 2. Inventory at 31st December 2021 were: Raw Materials Finished Goods Work in Progress £s 168,900 788,787 56,700 (iii) Legal and professional expenses include Solicitor's fees for the purchase of new freehold land during the year £7,500 Provision is to be made for the full years interest on the loan notes The leasehold land and buildings are held on 50 years lease with 40 years unexpired life left as at 31st December 2021 Depreciation for the year is to be charged as follows: Plant and equipment 8% on cost - Charged to production - Furniture and fittings 10% on cost-charged to administration Motor Vehicles -20% on carrying amount-Charged 25% to administration and 75% to selling and distribution (vii) Corporate income tax on the profit for the year is estimated at £68,900 and is due for payment on 28th February 2022 (viii) Dividend of £2.25 pence per ordinary share is recommended for payment by the directors. No dividend was paid in the previous financial year Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31st December 2021 in accordance with International Financial Reporting Standards Show all your workings. (iv) (v) (vi)
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