The trial balance of Youth Plc. on 31 December 2020 is as follow: Share capital -...

  

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The trial balance of Youth Plc. on 31 December 2020 is as follow: Share capital - Ordinary (£1 per share) Accounts payable Buildings Plant and machinery Accumulated depreciation - Buildings Accumulated depreciation - Plant and machinery £'000 35,260 28,000 £'000 10,000 2,694 32,552 7,200 Accounts receivable Accrued payable Bank loan (repayable in 15 years) Income tax expense Cash at bank Retained earnings Interest expense Income tax payable Sales revenue Purchases Distribution costs Administrative expenses Inventories as at 1 January 2020 Dividends paid 4,266 1,748 5,156 1,440 54,962 3,714 4,470 7,580 1,840 146,688 258 13,700 9,190 1,748 71,094 146,688 Further information: The inventories at the close of business on 31 December 2020 were valued at £8,134,000. Required: Prepare the statement of profit or loss for Youth Plc. for the year ended 31 December 2020 and the statement of financial position at that date. The trial balance of Youth Plc. on 31 December 2020 is as follow: Share capital - Ordinary (£1 per share) Accounts payable Buildings Plant and machinery Accumulated depreciation - Buildings Accumulated depreciation - Plant and machinery £'000 35,260 28,000 £'000 10,000 2,694 32,552 7,200 Accounts receivable Accrued payable Bank loan (repayable in 15 years) Income tax expense Cash at bank Retained earnings Interest expense Income tax payable Sales revenue Purchases Distribution costs Administrative expenses Inventories as at 1 January 2020 Dividends paid 4,266 1,748 5,156 1,440 54,962 3,714 4,470 7,580 1,840 146,688 258 13,700 9,190 1,748 71,094 146,688 Further information: The inventories at the close of business on 31 December 2020 were valued at £8,134,000. Required: Prepare the statement of profit or loss for Youth Plc. for the year ended 31 December 2020 and the statement of financial position at that date.

Answer rating: 100% (QA)

000 As on 31st December 2020 Assets Youth Plc ... View the full answer