The Trial Balance taken from the books of Felix Company Ltd as at 30th November 2020...

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The Trial Balance taken from the books of Felix Company Ltd as at 30th November 2020 is as follows: Dr S Cr S 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 Cash at Bank 3 000 40 000 Profit and Loss Appropriation (1/12/2018) 25 000 Accounts Receivable 36 000 Provision for Doubtful Debts 2 000 Inventories (1/12/2018) 63 000 Land 200 000 Government Securities at cost 60 000 Accounts Payable 52 000 10% Debentures (Duc 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 3. 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. c) Inventorics 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. b) Construct the Profit and Loss Appropriation Statement of Helix Company Ltd for the year ended 30th November 2020. The Trial Balance taken from the books of Felix Company Ltd as at 30th November 2020 is as follows: Dr S Cr S 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 Cash at Bank 3 000 40 000 Profit and Loss Appropriation (1/12/2018) 25 000 Accounts Receivable 36 000 Provision for Doubtful Debts 2 000 Inventories (1/12/2018) 63 000 Land 200 000 Government Securities at cost 60 000 Accounts Payable 52 000 10% Debentures (Duc 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 3. 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. c) Inventorics 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. b) Construct the Profit and Loss Appropriation Statement of Helix Company Ltd for the year ended 30th November 2020.

Answer rating: 100% (QA)

Income Statement for the year ending on 30th November 2020 Sales Rental Income Prov For Bad Debt Wba... View the full answer