At 3 1 st March, 2 0 2 3 , AB Ltd , had an Authorised Capital
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Question:
At st March, AB Ltd had an Authorised Capital of K divided into noncumulative p per share being due on th June,
per share paid, the remaining Keference shares of K each of which Shares have been
issued and fully paid and Ordinary shares of K each, of which had been issued and
K per share paid, the remaining K per share being due on th June
In addition to any balances arisin g from the foregoing, the private ledger contained balances at st
march, as follows:
K
Stock on Hand at st April,
Cash in Hand
Bank Overdraft
Purchases of materials
Sales
Returns from customers
Returns to Suppliers
Productive Wages
Net Cost of Tools used
Office Salaries
Sales Transport Costs
Rent Rates
Insurance
General Expenses
Cash Discount Allowed
Cash Discounts Received
Bad Debts Provision st April,
Interest on Bank Overdraft
Freehold Land and Buildings, at Cost
Machinery at Cost
Trade Debtors
Trade Creditors
Goodwill at Cost
Accumulated provision for Depreciation of Machinery to st April,
Loan to a Director
Directors Remuneration
Undistributed Profits at st March,
Reserve of Capital Profits
Preference Dividend for half year to th September, less tax
REQUIRED:
Prepare a Trading and Profit and Loss Account for the year to st March and a Balance Sheet at
that date after taking into account the following:
A reserve for future taxation of K
The dividend due on the preference shares for the half year to st March,
Additional depreciation of machinery of K
A total provision for Bad Debts of K
Insurance paid in advance of K
Stock of Materials and Finished Goods at st March, K
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: