The following trial balance was extracted at the year-end for Hynes plc.

Additional information:
1 Inventory as at 30 June 2014: £11,901 2 Depreciation is to be provided as follows:
Land and buildings: 1% on cost Equipment and machinery: 10% using reducing balance 3 Tax due for the year amounted to £1,200 4 Debenture interest is paid in two instalments but the second payment was overdue at the end of the year.

Transcribed Image Text:

Hynes plc Trial balance as at 30 June 2014 Issued ordinary share capital (1 shares) Retained earnings Land and buildings Equipment and machinery Sales revenue Purchases Opening inventory Salaries Overhead costs Administration costs Directors' remuneration Debentures 200,000 36,534 260,000 76,000 143,434 99,788 8,548 8,750 5,784 6,456 80,000 Debenture interest 3,200 Trade receivables and payables 13,212 7,657 Cash and cash equivalents 4,242 Provision for depreciation on land and buildings 18,000 Provision for depreciation on equipment and machinery 8,855 Dividends paid 8,500 494,480 494,480