You are to draw up an income statement for the year ending 31 December 2011, and a
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You are to draw up an income statement for the year ending 31 December 2011, and a statement of financial position as at that date from the following trial balance and details of Partido Ltd:
Notes at 31 December 2011: (i) Inventory £317,426. (ii) Business rates owing £1,700; Office expenses owing £245. (iii) Dividend of 15 per cent proposed. (iv) Transfers to reserves: General £70,000; Foreign exchange £30,000. (v) Depreciation on cost: Buildings 5 per cent; Equipment 15 per cent.
Transcribed Image Text:
Bank Accounts receivable Accounts payable Inventory at 31 December 2010 Buildings at cost Equipment at cost Retained profits as at 31 December 2010 General reserve Foreign exchange reserve Authorised and issued share capital Purchases Sales Carriage inwards Carriage outwards Salaries Business rates Office expenses Sundry expenses Provisions for depreciation at 31 December 2010: Buildings Equipment Directors' remuneration Dr 8,100 321,219 290,114 800,000 320,000 810,613 2,390 13,410 384,500 14,800 9,100 2,360 119,200 3,095,806 Cr 237,516 136,204 120,000 20,000 800,000 1,606,086 80,000 96,000 3,095,806
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Based on the provided trial balance and notes lets create both an income statement for the year ending 31 December 2011 and a statement of financial position as of the same date for Partido Ltd First ...View the full answer
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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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