?The Following Trial Balance Relates To Hume At 30 June 20x7: ? ? 390,000 Revenue 210,600 Cost

?The Following Trial Balance Relates To Hume At 30 June 20x7:

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390,000 Revenue 210,600 Cost of sales Distribution costs 6,800 Administration expenses 12,700 Loan interest paid 3,600 150,000 Property - cost Property – depreciation at 1 July 20X6 Plant and equipment- cost Plant and equipment - depreciation at 1 July 20X6 38,400 176,200 48,600 Trade receivables 31,600 Inventory - 30 June 20X7 18,100 Bank 1,950 Trade payables Ordinary shares $1 Share premium 12 % Loan note (issued 1 July 20X6) 25,400 50,000 9,000 40,000 Taxation 1,300 Retained earnings at 1 July 20X6 11,450 612,850 612,850 The following notes are relevant: Property includes land at a cost of $30,000. The building is being depreciated on a straight-line basis over its estimated useful life of 25 years. 2 Plant and equipment is being depreciated on the reducing balance basis at a rate of 20% per annum. %24 %24 390,000 Revenue 210,600 Cost of sales Distribution costs 6,800 Administration expenses 12,700 Loan interest paid 3,600 150,000 Property - cost Property – depreciation at 1 July 20X6 Plant and equipment- cost Plant and equipment - depreciation at 1 July 20X6 38,400 176,200 48,600 Trade receivables 31,600 Inventory - 30 June 20X7 18,100 Bank 1,950 Trade payables Ordinary shares $1 Share premium 12 % Loan note (issued 1 July 20X6) 25,400 50,000 9,000 40,000 Taxation 1,300 Retained earnings at 1 July 20X6 11,450 612,850 612,850 The following notes are relevant: Property includes land at a cost of $30,000. The building is being depreciated on a straight-line basis over its estimated useful life of 25 years. 2 Plant and equipment is being depreciated on the reducing balance basis at a rate of 20% per annum. %24 %24

Answer rating: 100% (QA)

Statement of profit or loss for the year ended 30 June 2007 ... View the full answer