The accountant of Zul Co . has prepared the following list of account balances as at 3
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Question:
The accountant of Zul Co has prepared the following list of account balances as at December MUR c ordinary shares fullY PAID debentures SecuredRetained Earnings General reserve Land and buildings costPlant and Machinery costAnnual DepreciationBuildings Plant and Machinery Inventory Sales Purchases Ordinary Dividend Debentures Interest Wages and Salaries Light and Heat Sundry Expenses Suspense account Trade accounts receivable Trade accounts payable Cash NOTE:A Sundry Expenses include MUR paid in respect of insurance for the yearending September Light and heat does not include an invoice at MUR for electricity for the three months ending January which waspaid in February B The suspense account is in respect of the following items:MUR Proceeds from issue at ordinarysharesProceeds from sales of plant
C The property was acquired some years ago. The buildings element at the costwas estimated at MUR and the estimated useful at the assets wasfifty years at the time of purchase. As at December the property is tobe revalued at MUR D The plant which was sold had cost MUR and had a carrying amountof MUR as on MUR depreciation is to be chargedon Machinery for E The management wish to provide for: I. Debenture interest due. A transfer to general reserve at MUR III. Audit fee of MUR F Inventory as at December was valued at MUR costGTaxation is to be ignored.
REQUIRED: Prepare the financial statements of Zul Co as at December You do notneed to produce note to the statements
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: