Additional information 3 Inventory at 31 March 20X9 was valued at $250,000. Buildings and plant and...
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Additional information 3 Inventory at 31 March 20X9 was valued at $250,000. Buildings and plant and machinery are depreciated on a straight-line basis (assuming no residual value) at the following rates: On cost: Buildings Plant and machinery 5% 20% There were no purchases or sales of non-current assets during the year to 31 March 20X9. 1 $000 170 $000 2 The following information has been extracted from the books of Picklette for the year to 31 March 20X9. Administrative expenses Interest paid Called up share capital (ordinary shares of $1 each) Dividend Cash at bank and in hand Income tax (remaining balance from previous year) Warranty provision 5 69 10 10 200 4 90 90 The depreciation charges for the year to 31 March 20X9 are to be apportioned as follows: 60% 20% Administrative expenses 20% Cost of sales Distribution costs Income taxes for the year to 31 March 20X9 are estimated to be $135,000. The 10% loan note was issued on 1 April 20X7 and is repayable five years from that date. The year-end provision for warranty claims has been estimated at $75,000. Warranty costs are charged to administrative expenses. Required: Prepare Picklette's statement of profit or loss for the year to 31 March 20X9 and a statement of financial position as at that date. Distribution costs 240 Land and buildings: at cost (Land $110,000, Buildings $100,000) 210 accumulated depreciation (at 1 April 20X8) 48 Plant and machinery: at cost 125 5 accumulated depreciation (at 1 April 20X8) 75 Retained earnings (at 1 April 20X8) 270 6 10% Loan note (issued in 20X7) 80 Purchases 470 Sales 1,300 7 Inventory (at 1 April 20X8) 150 Trade payables 60 Trade receivables 728 2,123 2,123 Additional information 3 Inventory at 31 March 20X9 was valued at $250,000. Buildings and plant and machinery are depreciated on a straight-line basis (assuming no residual value) at the following rates: On cost: Buildings Plant and machinery 5% 20% There were no purchases or sales of non-current assets during the year to 31 March 20X9. 1 $000 170 $000 2 The following information has been extracted from the books of Picklette for the year to 31 March 20X9. Administrative expenses Interest paid Called up share capital (ordinary shares of $1 each) Dividend Cash at bank and in hand Income tax (remaining balance from previous year) Warranty provision 5 69 10 10 200 4 90 90 The depreciation charges for the year to 31 March 20X9 are to be apportioned as follows: 60% 20% Administrative expenses 20% Cost of sales Distribution costs Income taxes for the year to 31 March 20X9 are estimated to be $135,000. The 10% loan note was issued on 1 April 20X7 and is repayable five years from that date. The year-end provision for warranty claims has been estimated at $75,000. Warranty costs are charged to administrative expenses. Required: Prepare Picklette's statement of profit or loss for the year to 31 March 20X9 and a statement of financial position as at that date. Distribution costs 240 Land and buildings: at cost (Land $110,000, Buildings $100,000) 210 accumulated depreciation (at 1 April 20X8) 48 Plant and machinery: at cost 125 5 accumulated depreciation (at 1 April 20X8) 75 Retained earnings (at 1 April 20X8) 270 6 10% Loan note (issued in 20X7) 80 Purchases 470 Sales 1,300 7 Inventory (at 1 April 20X8) 150 Trade payables 60 Trade receivables 728 2,123 2,123
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Answer To prepare Picklettes statement of profit or loss for the year to 31 March 20X9 we need to ca... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
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