The following Trial Balance as of 31 st Dec 2004 belongs to Kisui Ltd specialist wholesalers. Notes:
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Question:
- The following Trial Balance as of 31st Dec 2004 belongs to Kisui Ltd specialist wholesalers.
Notes:
- Inventory at 31.12.2004: $412,780 consists of goods for resale.
- Plant and machinery are apportioned: distribute 60%, administrative 40%.
- Accrued auditor’s remuneration $71,000.
- Depreciate plant and machinery: 20% on cost.
- Of the motor hire, $55,000 is for distributive purposes.
- Corporation tax on profits, at a rate of 35% is estimated at $238,500 and is payable on 1.10.2005.
- Pension contributions for the staff amounted to $42,550 and social security contributions to $80,120. These figures include wages and salaries in the trial balance. No employee carried over $30,000.
- A plant of $75,000 has been bought during the year.
- Director’s ‘remuneration has been as follows: In addition, each of them drew $2,000 as directors’ fees. Pensions are the personal responsibility of directors.
Required:
Subject to the limits of the information given to you, draw up an income statement for the year ending 31. December 2004, and a balance sheet as of that date. They should be in published form and accompanied by the necessary notes prescribe by statute.
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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