A Here is the trial balance of Falta Ltd as at 30 April 2012: Given the following

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A Here is the trial balance of Falta Ltd as at 30 April 2012:

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Given the following information as at 30 April 2012, draw up an income statement and statement of financial position for the year to that date: (i) Inventory £111,317. (ii) The share capital consisted of 300,000 ordinary shares of 50p each and 50,000 12 per cent preference shares of £1 each. The dividend on the preference shares was proposed to be paid as well as a dividend of 18 per cent on the ordinary shares. (iii) Accrued: rent £802; Directors’ remuneration £6,000. (iv) Loan note interest 1 /2 year’s interest owing. (v) Depreciation on cost: Equipment 20 per cent; Motor vehicles 25 per cent. (vi) Transfers to reserves: General reserve £5,000; Non-current assets replacement reserve £10,000.

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Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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