Question 5 (20) You have been asked to help prepare the statement of financial position of...

Transcribed Image Text:

Question 5 (20) You have been asked to help prepare the statement of financial position of Dalmatian Ltd for the year ended 31 March 2011. The company's trial balance as at 31 March 20X1 is shown below. Further information relating to the financial statements is also provided. Dalmatian Ltd: Trial balance at 31 March 2011 Debit P000 Credit P000 Share capital 10,000 Trade and other payables 2,000 Property - cost 32,000 Property accumulated depreciation at 1 April 2010 6,400 Plant and equipment - cost 9,500 Plant and equipment - accumulated depreciation at 1 April 2010 4,156 Trade and other receivables 750 Accruals 50 5% Bank loan repayable in 2019 5,000 Cash and cash equivalents 1,250 Retained earnings at 31 March 2011 16,544 Inventories at 31 March 2011 650 44,150 44,150 Further information: i) ii) The share capital of the company consists of ordinary shares with a nominal value of P1. Inventories at close of business consist of the following items at cost. Their comparative net realisable values are as follows: Cost NRV P000 P000 Furs Products Toys 500 600 100 75 50 60 650 735 Depreciation is to be provided for the year ended 31 March 2011 as follows: iii) Property 10% per annum Straight line basis iv) v) vi) Required Plant and equipment 25% per annum Diminishing balance basis Trade receivables include a debt of P75,000 that is to be written off in full. A general allowance of 5% of the remaining debt is required. Annual insurance of P12,000 has been paid in full for the year ended 31 December 2011. This payment is included in retained earnings in the trial balance. All of the operations are continuing operations. Draft the statement of financial position for Dalmatian Ltd as at 31 March 2011. Question 5 (20) You have been asked to help prepare the statement of financial position of Dalmatian Ltd for the year ended 31 March 2011. The company's trial balance as at 31 March 20X1 is shown below. Further information relating to the financial statements is also provided. Dalmatian Ltd: Trial balance at 31 March 2011 Debit P000 Credit P000 Share capital 10,000 Trade and other payables 2,000 Property - cost 32,000 Property accumulated depreciation at 1 April 2010 6,400 Plant and equipment - cost 9,500 Plant and equipment - accumulated depreciation at 1 April 2010 4,156 Trade and other receivables 750 Accruals 50 5% Bank loan repayable in 2019 5,000 Cash and cash equivalents 1,250 Retained earnings at 31 March 2011 16,544 Inventories at 31 March 2011 650 44,150 44,150 Further information: i) ii) The share capital of the company consists of ordinary shares with a nominal value of P1. Inventories at close of business consist of the following items at cost. Their comparative net realisable values are as follows: Cost NRV P000 P000 Furs Products Toys 500 600 100 75 50 60 650 735 Depreciation is to be provided for the year ended 31 March 2011 as follows: iii) Property 10% per annum Straight line basis iv) v) vi) Required Plant and equipment 25% per annum Diminishing balance basis Trade receivables include a debt of P75,000 that is to be written off in full. A general allowance of 5% of the remaining debt is required. Annual insurance of P12,000 has been paid in full for the year ended 31 December 2011. This payment is included in retained earnings in the trial balance. All of the operations are continuing operations. Draft the statement of financial position for Dalmatian Ltd as at 31 March 2011.

Answer rating: 100% (QA)

Answer To prepare the statement of financial position balance sheet for Dalmatian Ltd as at 31 March ... View the full answer