rose limited operates a small chain of retail shops that

Project Description:

rose limited operates a small chain of retail shops that sell high-quality teas and coffees. approximately half of sales are on credit. abbreviated and unaudited financial statements are given below: rose limitedincome statement (profit and loss account) for the year ended 31 march 2006_div align="center"__img src="../image/images5/a-1 (31)-1.png"/__/div_balance sheet as at 31 march 2006_div align="center"__img src="../image/images5/a-1 (31)-2.png"/__/div_since the unaudited financial statements for rose limited were prepared, the following information has become available:1. an additional £74,000 of depreciation should have been charged on fixtures and fittings.2. invoices for credit sales on 31 march 2006 amounting to £34,000 have not been included; cost of sales is not affected.3. bad debts should be provided at a level of 2 per cent of receivables at the year end.4. inventories, which had been purchased for £2,000, have been damaged and are unsaleable. this is not reflected in the financial statements.5. fixtures and fittings to the value of £16,000 were delivered just before 31 march 2006, but these assets were not included in the financial statements and the purchase invoice had not been processed.6. wages for saturday-only staff, amounting to £1,000, have not been paid for the final saturday of the year. this is not reflected in the financial statements.7. tax is payable at 30 per cent of net profit after tax. assume that it is payable shortly after the year-end.required: prepare revised financial statements for rose limited for the year ended 31 march 2006, incorporating the information in 1–7 above.
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