Question: QUESTION TWO Situmbeko Ltd is reqistered with an authorised capital of 300 ordinary shares of k. The following tral balance was extracted from the books

QUESTION TWO Situmbeko Ltd is reqistered with an authorised capital of

QUESTION TWO Situmbeko Ltd is reqistered with an authorised capital of 300 ordinary shares of k. The following tral balance was extracted from the books of the company on 31 March 2020 , after the preparation of the trading account: Additional Information: (i) The allowance for irrecoverable receivables is to be adjusted to K2,800. (ii) Depreciation is to be provided in respect of furniture and fitting at 10% per annum on cost. (iii) K100,000 is to be transferred from profit and loss to general reserves. (iv) Dividends of 10% of share capital were declared before the year end and are to be provided for. Required: (a) Prepare the statement of profit and loss account for the year ended 31 March 2020. (31/2 marks) (b) Prepare the statement of changes in equity as at 31 March 2020. (21/2 marks) (c) Prepare the statement of financial position as at 31 March 2020. (14 marks) [Total: 20 Marks]

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Select Ltd is registered with an authorised capital of 300,000 ordinary shares of $1. The following trial balance was extracted from the books of the company on 31 March 20X1, after the preparation...

Need urgently CUK Ltd was incorporated on 15 December 20x9 with an authorised capital of 200,000 ordinary shares of 0.20 each to acquire as at 31 December 20x9 the business of CK, a sole trader, and...

CJK Ltd was incorporated on 15 December 20X9 with an authorised capital of 200,000 ordinary shares of 0.20 each to acquire as at 31 December 20X9 the business of CK, a sole trader, and RP Ltd, a...

CJK Ltd was incorporated on 15 December 19 X9 with an authorised capital of 200,000 ordinary shares of $0.20 $ each to acquire as at 31 December $19 \times 9$ the business of $\mathrm{CK}$, a...

CK Ltd was incorporated on 15 December 2009 with an authorised capital of 200,000 ordinary shares of 0.20 each to acquire as at 31 December 2009 the business of CK, a sole trader, and RP Ltd, a...

CJK Ltd was incorporated on 15 December 2016 with an authorised capital of 200,000 ordinary shares of 0.20 each to acquire as at 31 December 2016 the business of CK, a sole proprietor, and RP Ltd, a...

Work on the following. The product development department of Very Trusty plc is contemplating renting a factory building on a four-year lease from Year 1, investing in some new plant and using it to...

CIK Ltd was incorporated on 15 December 2012 with an authorised capital of 200,000 ordinary shares of $ 0.20$ each to acquire as at 31 December 2012 the business of CK, a sole proprietor, and RP Ltd,...

Select Ltd is registered with an authorised capital of 300,000 ordinary shares of 1. The following trial balance was extracted from the books of the company on 31 March 20X1, after the preparation of...

45.6 Select Ltd is registered with an authorised capital of 300,000 ordinary shares of 1. The fol- lowing trial balance was extracted from the books of the company on 31 March 20x1, after the...

Which of the following is most serious complication of myelography: A Allergic reaction Headache Transient neurological deficit D Arachnoiditis E Neck stiffness.

M/S Unity Hospital of Jamaica has two groups of Directors. A dispute arose between the two groups out of which one group controlled the majority of shares. A very serious situation arose in the...

What is the purpose of "rainy - day funds" in state budgets?

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

personal motives: a positive reason for wanting to take on foreign assignments;

language aptitude: the ability to learn a language quickly is a useful attribute;

Expatriate policy should be in line with the strategic intent of the organization.