Equity shares of 50 cents each Share premium Retained earnings at 1 April 20X3 Property (20...

 

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Equity shares of 50 cents each Share premium Retained earnings at 1 April 20X3 Property (20 years) - at cost Plant and equipment - at cost Accumulated amortisation of property at 1 April 20X3 Accumulated depreciation of plant and equipment at 1 April 20X3 Inventory at 31 March 20X4 Trade receivables Bank Trade payables Revenue Cost of sales Distribution costs Administrative expenses Bank interest $'000 40,000 250,000 25,200 28,500 337,800 16,100 26,900 300 $'000 97,000 5,000 5,100 16,000 33,500 1,400 27,300 539,500 724,800 724,800 The following notes are relevant: (i) Revenue includes an amount of $20 million for cash sales made through Xtol's retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 10% of the selling price of these goods. By 31 March 20X4, Xtol had remitted to Francais $15 million (of the $20 million sales) and recorded this amount in cost of sales. (ii) Plant and equipment is depreciated at 12%2% per annum on the reducing balance basis. All amortisation and depreciation of non-current assets is charged to cost of s es. (iii) A provision of $28 million is required for current ta for the year ended 31 March 20X4. (iv) At 3 Apr 20X4, a customer of business declare ba krupt, this client own the entity $15,000. Required (a) Prepare the statement of profit or loss for Xtol for the year ended 31 March 20X4 (b) Prepare the statement of financial position for Xtol fo the year ended 31 March 20X4 Equity shares of 50 cents each Share premium Retained earnings at 1 April 20X3 Property (20 years) - at cost Plant and equipment - at cost Accumulated amortisation of property at 1 April 20X3 Accumulated depreciation of plant and equipment at 1 April 20X3 Inventory at 31 March 20X4 Trade receivables Bank Trade payables Revenue Cost of sales Distribution costs Administrative expenses Bank interest $'000 40,000 250,000 25,200 28,500 337,800 16,100 26,900 300 $'000 97,000 5,000 5,100 16,000 33,500 1,400 27,300 539,500 724,800 724,800 The following notes are relevant: (i) Revenue includes an amount of $20 million for cash sales made through Xtol's retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 10% of the selling price of these goods. By 31 March 20X4, Xtol had remitted to Francais $15 million (of the $20 million sales) and recorded this amount in cost of sales. (ii) Plant and equipment is depreciated at 12%2% per annum on the reducing balance basis. All amortisation and depreciation of non-current assets is charged to cost of s es. (iii) A provision of $28 million is required for current ta for the year ended 31 March 20X4. (iv) At 3 Apr 20X4, a customer of business declare ba krupt, this client own the entity $15,000. Required (a) Prepare the statement of profit or loss for Xtol for the year ended 31 March 20X4 (b) Prepare the statement of financial position for Xtol fo the year ended 31 March 20X4

Answer rating: 100% (QA)

a Statement of Profit or Loss for Xtol for the Year Ended 31 March 20X4 Revenue 539500 L... View the full answer