The Trial Balance taken from the books of Felix Company Ltd as at 30th November 2020 is
Question:
The Trial Balance taken from the books of Felix Company Ltd as at 30th November 2020 is as follows:
Dr $ Cr $ Issued Capital (200 000 @ $2 per share) 400 000
Uncalled Capital (25 cents on 200 000 shares) 50 000
Calls in arrears (25 cents on 2 000 shares) 500
Calls in advance 3 000 Cash at Bank 40 000
Profit and Loss Appropriation (1/12/2019) 25 000
Accounts Receivable 36 000 Provision for Doubtful Debts 2 000 Inventories (1/12/2019) 63 000 Land 200 000 Government Securities at cost 60 000
Accounts Payable 52 000 10% Debentures (Due 2025) 48 000
Plant, Property and Equipment 232 000
Provision for depreciation – Plant, Property and Equipment 40 000
Salaries 40 000 Purchases 62 500
Purchases Returns 400
Freight and insurance on purchase 200
Audit Fees 2 500
Interim dividend paid 14 000
Advertising 9 000
General Reserve 14 000
Bad debts 500 Sales 225 000
Rental Income 1 000
Discount Allowed 200 810 400 810 400
Additional Information (30/11/20)
a) The total dividend was declared 7% on paid-up capital.
b) Transfer $5 000 to General Reserve.
c) The land was revalued at $240 000.
d) Depreciation on Plant, Property and Equipment $10 000 to be charged.
e) Inventories were valued at $72 000
f) Income tax to be 20% of the net profit amount.
g) Additional bad debts $500 to be written off.
h) Provision for doubtful debts to be charged at 5% of accounts receivables. i) Interest on debentures due $4 800.
Required:
a) Prepare the Statement of Financial Performance of Helix Company Ltd for the year ended 30th November 2020. (13 marks) b) Construct the Profit and Loss Appropriation Statement of Helix Company Ltd for the year ended 30th November 2020.
(4 marks)
Thermodynamics for Engineers
ISBN: ?978-1133112860
1st edition
Authors: Kenneth A. Kroos, Merle C. Potter