The following is a trial balance of D. Mazoka Ltd as at 30 September 2019 Authorized...

Transcribed Image Text:

The following is a trial balance of D. Mazoka Ltd as at 30 September 2019 Authorized and Alloted Share Capital: 100 000 Ordinary Shares of P1 each 50 000 5% Preference Shares of 50 thebe each 10% Debentures Share Premium Revaluation Reserve General Reserve Retained Profit from previous year Leashold Premises at valuation Goodwill Plant and Machinery Cost PB0000) Stock Loose Tools(Cost P13000) Debtors/Creditors Provision for doubtful debts Bank Overdraft Purchases/Sales Rates Directors' Salaries Light and Heat Preliminary Expenses Plant Hire Interest on Debentures Interim dividend on ordinary shares. Listed Investments Bad Debts Investment Income Audit Fees Pula DR 140000 20000 66900 9400 9100 11200 Pula CR 100000 25000 24000 35000 9860 10200 2580 8300 49700 910 7800 135250 4650 22000 3830 1270 6600 1200 3250 8000 700 1750 359550 650 359550 The following Additional Information is available: 1. Stock on 30 March 2019 is valued at P13 480 2. Rates include a payment of P2300 for six months from 1 July 2019. 3. Depreciation on plant is 15% per annum of cost and the Loose tools were valued at P7 800 on 30 September 2019. The company does not amortize goodwill or premises. 4. The provision for doubtful debts is to be adjusted to 10% of the debtors at the end of the year. 5. The preference share dividends are outstanding at the end of the year and the half year's interest on the debentures has not been paid. 6. The corporation tax on this year's profit is P6 370. 7. The directors propose to declare a final dividend on the ordinary shares of 13 thebe per share and transfer P2 500 to the general reserve. You are required to prepare the Income Statement for the year ended 30 September 2019 and the Statement of Financial Position on that date The following is a trial balance of D. Mazoka Ltd as at 30 September 2019 Authorized and Alloted Share Capital: 100 000 Ordinary Shares of P1 each 50 000 5% Preference Shares of 50 thebe each 10% Debentures Share Premium Revaluation Reserve General Reserve Retained Profit from previous year Leashold Premises at valuation Goodwill Plant and Machinery Cost PB0000) Stock Loose Tools(Cost P13000) Debtors/Creditors Provision for doubtful debts Bank Overdraft Purchases/Sales Rates Directors' Salaries Light and Heat Preliminary Expenses Plant Hire Interest on Debentures Interim dividend on ordinary shares. Listed Investments Bad Debts Investment Income Audit Fees Pula DR 140000 20000 66900 9400 9100 11200 Pula CR 100000 25000 24000 35000 9860 10200 2580 8300 49700 910 7800 135250 4650 22000 3830 1270 6600 1200 3250 8000 700 1750 359550 650 359550 The following Additional Information is available: 1. Stock on 30 March 2019 is valued at P13 480 2. Rates include a payment of P2300 for six months from 1 July 2019. 3. Depreciation on plant is 15% per annum of cost and the Loose tools were valued at P7 800 on 30 September 2019. The company does not amortize goodwill or premises. 4. The provision for doubtful debts is to be adjusted to 10% of the debtors at the end of the year. 5. The preference share dividends are outstanding at the end of the year and the half year's interest on the debentures has not been paid. 6. The corporation tax on this year's profit is P6 370. 7. The directors propose to declare a final dividend on the ordinary shares of 13 thebe per share and transfer P2 500 to the general reserve. You are required to prepare the Income Statement for the year ended 30 September 2019 and the Statement of Financial Position on that date

Answer rating: 100% (QA)

D Mazoka Ltd Financial Statements Income Statement for the Year Ended September 30 2019 Description ... View the full answer