QUESTION THREE The following were extracted from the books of NJOKA as at 30th September 2016....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION THREE The following were extracted from the books of NJOKA as at 30th September 2016. SH Cash in Hand Cash in Bank Inventory, 1st September 2016 Receivables Payables Returns Inwards Sales Purchases Capital Salaries Water and Electricity Postage Drawings Inventory, 30th September 2016 Furniture & Fittings Motor Van Loan (ADB Bank) Rent Received Office Rent REQUIRED: 1) Prepare a Trial Balance from the above balances. (8 Marks) 2) Prepare the statement of Comprehensive income for the month of September. (9 Marks) (b) 3) Prepare the statement of Financial Position for as at 30th September 2016. (8 Marks) Ordinary Share Capital 8% Preference Share Capital The following appeared in the ledger PORTO Manufacturing Company Ltd after the preparation of the Income Statement. Finished Goods Inventory Fixed Assets at cost Receivables Payables 12,000 110,000 210,000 80,000 100,000 5,000 560,000 205,000 149,000 40,000 6,000 2,000 9,000 Provision for Depreciation - Fixed Assets Reserve for increased replacement of Fixed Assets Interim Ordinary Dividend paid Work-In-progress Raw Material stock 135,000 75,000 350,000 300,000 12,000 17,000 Bank Overdraft Profit & Loss Account balance 1" January 2016 Preference Dividend paid 30th June 2016 Net Profit for 2016 REQUIRED: (i) (ii) SH. 100,000 40,000 29,000 141,000 55,200 15,000 The following additional information was provided: 1) The Authorized Capital of the business is 300,000 Ordinary Shares of Sh.0.50 each and 75,000 8% preference shares of Sh.1.00 each. 2) A final dividend of Sh.0.625 per ordinary share is proposed. 3) The Reserve for Increased Replacement costs of Fixed Assets is to be increased to Sh.20,000. 7,500 59,200 40,400 36,000 26,000 10,000 4,000 1,600 35,700 A profit and Loss Appropriation Account for the year to 31st December 2016. (10 Marks) Statement of Financial position as at the same date. (9 Marks) QUESTION THREE The following were extracted from the books of NJOKA as at 30th September 2016. SH Cash in Hand Cash in Bank Inventory, 1st September 2016 Receivables Payables Returns Inwards Sales Purchases Capital Salaries Water and Electricity Postage Drawings Inventory, 30th September 2016 Furniture & Fittings Motor Van Loan (ADB Bank) Rent Received Office Rent REQUIRED: 1) Prepare a Trial Balance from the above balances. (8 Marks) 2) Prepare the statement of Comprehensive income for the month of September. (9 Marks) (b) 3) Prepare the statement of Financial Position for as at 30th September 2016. (8 Marks) Ordinary Share Capital 8% Preference Share Capital The following appeared in the ledger PORTO Manufacturing Company Ltd after the preparation of the Income Statement. Finished Goods Inventory Fixed Assets at cost Receivables Payables 12,000 110,000 210,000 80,000 100,000 5,000 560,000 205,000 149,000 40,000 6,000 2,000 9,000 Provision for Depreciation - Fixed Assets Reserve for increased replacement of Fixed Assets Interim Ordinary Dividend paid Work-In-progress Raw Material stock 135,000 75,000 350,000 300,000 12,000 17,000 Bank Overdraft Profit & Loss Account balance 1" January 2016 Preference Dividend paid 30th June 2016 Net Profit for 2016 REQUIRED: (i) (ii) SH. 100,000 40,000 29,000 141,000 55,200 15,000 The following additional information was provided: 1) The Authorized Capital of the business is 300,000 Ordinary Shares of Sh.0.50 each and 75,000 8% preference shares of Sh.1.00 each. 2) A final dividend of Sh.0.625 per ordinary share is proposed. 3) The Reserve for Increased Replacement costs of Fixed Assets is to be increased to Sh.20,000. 7,500 59,200 40,400 36,000 26,000 10,000 4,000 1,600 35,700 A profit and Loss Appropriation Account for the year to 31st December 2016. (10 Marks) Statement of Financial position as at the same date. (9 Marks)
Expert Answer:
Related Book For
Accounting For Non Accounting Students
ISBN: 9781292286938
10th Edition
Authors: John Dyson, Ellie Franklin
Posted Date:
Students also viewed these accounting questions
-
Following is the consolidated statement of comprehensive income for Southwest Airlines for the year ended December 31, 2014: Required 1. Which items were included in comprehensive income? If these...
-
From the ledger balances given below, prepare a trial balance for the Starr SE at June 30, 2017. List the accounts in the order shown on page 73. All account balances are normal. Accounts Payable...
-
Prepare a simple statement of comprehensive income for Yoshi Corporation using the following information: For the year ended June 30, 2017 Loss for the year is $25,000 Gain on equity investments...
-
In Exercises 7980, find the value of y if the line through the two given points is to have the indicated slope. (3, y) and (1, 4), m = -3
-
Alderon Industries manufactures chemicals for various purposes. One process that Alderon uses produces SPL-3, a chemical used in swimming pools; PST-4, a chemical used in pesticides; and RJ-5, a...
-
Deb Bishop Health and Beauty Products has developed a new shampoo, and you need to develop its aggregate schedule. The cost accounting department has supplied you the costs relevant to the aggregate...
-
Hasan holds 100% of the shares in Behmoth Ltd and he is also a director of Lion Ltd. All of the shares in Lion Ltd are held by Singa Ltd. Required Determine the related party relationships for each...
-
Satyam Company has created a new software application for PCs. Its costs during research and development were $500,000. Its costs after the working program was developed were $350,000. Although the...
-
4 16. The mean and variance of a binomial distribution area and respectively. If P(X = 1) = then P(X = 4 or 5) is equal to: 243 (a) 1/159 64 (b) $ 16 (c) 81 925 145 (d) 27 243 17. Let E1, E2, E3 be...
-
The Royal Seas Company runs a three-night cruise to the Caribbean from Port Canaveral. The company wants to run TV ads promoting its cruises to high-income men, high-income women, and retirees. The...
-
Agency problem is a major potential conflict of interest between the managers and shareholders." How is it possible, with AT LEAST THREE (3) suggested relevant strategies, for the agency problem to...
-
Some policy makers argue that it would be desirable to reward generators of hazardous wastes for appropriately disposing of their wastes. Describe a possible reward scheme. Why is it a good idea?...
-
Your boss, who never took an engineering economy course, is buying a new house and needs your help in answering some questions. The loan amount will be in the jumbo loan category of $600,000 at (1) 7...
-
Find all possible values for each expression. \((-1)^{1 / 4}\)
-
Using real-world examples, evaluate the effectiveness of minimum wages in achieving a more equitable distribution of income.
-
An interest rate is given as 10 percent per year nominal. Determine the effective annual rate if a. compounding is annual. b. compounding is daily. c. compounding is continuous.
-
You want to save sufficient funds to generate an annual cash flow of $99,900 a year for 30 years as retirement income. You currently have no retirement savings, but plan to save an equal amount each...
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
You are presented with the following information for Giles Limited for the year to 28 February 2021: Required: (a) Calculate the following: (i) The break-even point in value terms and in units (ii)...
-
What is meant by a standard hour?
-
Name six of its provisions.
-
Let us consider a call option with maturity \(T=1\) year and strike price \(\$ 11\). The current price of the stock share is \(\$ 10\), and the riskfree interest rate is \(10 \%\). The two possible...
-
Let us consider the PDE with terminal condition In order to apply the representation theorem, we observe that \(r=0\), \((x t)=\), and , so that the underlying stochastic process boils down to a...
-
Let us consider the same setting as Example 13.4: \(S_{0}=K=50\), \(r=01, \quad=04\), and time-to-maturity is \(T=5/12\) (here we take \(t=0)\). The calculation is as follows: This exact result may...
Study smarter with the SolutionInn App