Donald Ltd provides the following information after the first year of trading: Additional information The directors wish
Question:
Donald Ltd provides the following information after the first year of trading:
Additional information
The directors wish to transfer £40,000 to general reserve and recommend a final dividend of £50,000. They wish to provide for corporation tax due £65,000.
Required
a) Prepare an extract from the income statement for the year ended 31 August 20*8
b) Prepare a balance sheet at 31 August 20*8.
Transcribed Image Text:
Trial balance at 31 August 20*8 Dr Cr Non-current assets at cost Current assets Ordinary shares of 50 pence each Net profit for year Interim dividend paid £ 200,000 150,000 £ 100,000 276,000 26,000 376,000 376,000
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