Willard Industries Plc. Trial Balance as at December 31, 2023, is shown below: 000 Revenue Administrative...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Willard Industries Plc. Trial Balance as at December 31, 2023, is shown below: 000 Revenue Administrative expenses Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/23 Inventories - finished goods -31/12/22 Work in Progress 31/12/22 Inventories - Raw materials at cost 31/12/22 000 2,290,125 237,150 175,200 81,150 8,625 276,750 49,125 162,600 Purchases - Raw materials Carriage inwards - raw materials Manufacturing Overhead Manufacturing wages 150,000 8.4% cumulative preference shares of 1 each fully paid Revaluation surplus Share premium 1,125,900 15,750 187,500 375,000 Authorised and issued 900,000 Ordinary Shares of 0.50 each Fully paid 450,000 150,000 65,000 150,000 General reserve Retained earnings 31/12/22 Patents and trademarks Freehold property at cost Leasehold property at cost 85,000 425,250 323,250 375,000 112,500 Amortisation of leasehold property - 31/12/22 22,500 Plant & Equipment at cost 225,000 Accumulated depreciation -plant and equipment-31/12/22 102,750 Furniture & Fittings at Cost 75,000 Accumulated depreciation - Furniture & Fittings 31/12/22 23,625 Motor Vehicles at cost 112,500 Accumulated depreciation - Motor Vehicles 31/12/22 37,500 10% loan notes 150,000 Trade payables Trade receivables Bank Overdraft Cash 146,250 266,445 76,875 7,680 4,183,500 4,183,500 (i) A gain of 20,000 made on the revaluation of an existing old freehold property during the year is yet to be accounted for. (ii) Inventory at December 31, 2023, were: Raw Materials Finished Goods Work in Progress 168,900 413,625 56,700 (iii) Legal and professional expenses include Solicitor's fees for the purchase of new freehold land during the year 7,500 (iv) Provision is to be made for the full years interest on the loan notes (v) The leasehold land and buildings are held on 50 years lease with 40 years unexpired life left as at the end of December 31, 2022 (vi) Depreciation for the year is to be charged as follows: - Plant and equipment 8% on cost Charged to production Furniture and fittings 10% on cost charged to administration Motor Vehicles 20% on reducing balance Charged 25% to administration and 75% to selling and distribution (vii) Corporate income tax on the profit for the year is estimated at 68,900 and is due for payment on February 28, 2023 (viii) A dividend of 2.25 pence per ordinary share capital is recommended for payment by the directors. (ix) No dividend was paid in the previous financial year. Willard Industries Plc. Trial Balance as at December 31, 2023, is shown below: 000 Revenue Administrative expenses Selling and Distribution expenses Legal and Professional expenses Allowance for receivables - 31/12/23 Inventories - finished goods -31/12/22 Work in Progress 31/12/22 Inventories - Raw materials at cost 31/12/22 000 2,290,125 237,150 175,200 81,150 8,625 276,750 49,125 162,600 Purchases - Raw materials Carriage inwards - raw materials Manufacturing Overhead Manufacturing wages 150,000 8.4% cumulative preference shares of 1 each fully paid Revaluation surplus Share premium 1,125,900 15,750 187,500 375,000 Authorised and issued 900,000 Ordinary Shares of 0.50 each Fully paid 450,000 150,000 65,000 150,000 General reserve Retained earnings 31/12/22 Patents and trademarks Freehold property at cost Leasehold property at cost 85,000 425,250 323,250 375,000 112,500 Amortisation of leasehold property - 31/12/22 22,500 Plant & Equipment at cost 225,000 Accumulated depreciation -plant and equipment-31/12/22 102,750 Furniture & Fittings at Cost 75,000 Accumulated depreciation - Furniture & Fittings 31/12/22 23,625 Motor Vehicles at cost 112,500 Accumulated depreciation - Motor Vehicles 31/12/22 37,500 10% loan notes 150,000 Trade payables Trade receivables Bank Overdraft Cash 146,250 266,445 76,875 7,680 4,183,500 4,183,500 (i) A gain of 20,000 made on the revaluation of an existing old freehold property during the year is yet to be accounted for. (ii) Inventory at December 31, 2023, were: Raw Materials Finished Goods Work in Progress 168,900 413,625 56,700 (iii) Legal and professional expenses include Solicitor's fees for the purchase of new freehold land during the year 7,500 (iv) Provision is to be made for the full years interest on the loan notes (v) The leasehold land and buildings are held on 50 years lease with 40 years unexpired life left as at the end of December 31, 2022 (vi) Depreciation for the year is to be charged as follows: - Plant and equipment 8% on cost Charged to production Furniture and fittings 10% on cost charged to administration Motor Vehicles 20% on reducing balance Charged 25% to administration and 75% to selling and distribution (vii) Corporate income tax on the profit for the year is estimated at 68,900 and is due for payment on February 28, 2023 (viii) A dividend of 2.25 pence per ordinary share capital is recommended for payment by the directors. (ix) No dividend was paid in the previous financial year.
Expert Answer:
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Posted Date:
Students also viewed these accounting questions
-
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
-
Hazzizzi Ltd Trial balance as at March 31, 2023 Trade receivables 22,800,000 Trade payables 6,100,000 Provision for bad debt 7,600,000 Bank 2,100,000 Cash in hand 928,000 Petty cash 203,000 Interest...
-
Furniture Co. incurred the following costs during 2016: Conversion costs Prime costs Manufacturing overhead What was the amount of direct materials and direct labor used for the year? Direct...
-
Copper-rich copper-beryllium alloys are precipitation hardenable. After consulting the portion of the phase diagram (Figure 11.30), do the following: (a) Specify the range of compositions over which...
-
There are at most two national parks in South Dakota. (Nx: x is a national park; Sx: x is in South Dakota) Translate the following statements. Numerical statements
-
One way to double the capacitance of a parallel-plate capacitor is to reduce the plate separation distance by a factor of 2. Doubling the capacitance of a spherical capacitor is a bit more complex,...
-
Fox Enterprises is considering expanding into the growing laser copier business. Fox estimates that this expansion will cost $1.8 million and will generate a 20-year stream of expected net cash flows...
-
4.Indicate, by clicking on the relevant boxes, whether the following statements are true or false in relation to business valuation. The earnings yield method and the dividend growth model should...
-
For this project you are developing part of an application for a small college to retrieve and display student records. As part of the project you will create three classes,(Classroom, Course,...
-
Belta company has a capital mix of 40% debt and 60% equity. Kshs. Depreciation Adjustment 2,000 Cost of Sales Adjustment 1,000 Monetary Working Capital Adjustment 1.000 4.000 Required: Calculate the...
-
The tourism department want to record its data in digital format. The information consists of monuments of tourist interest, their location and history. Monuments are classified according to...
-
If the curve c is the top semicircle x + y = 9 from (3, 0) to (-3, 0), evaluate the line integral (y - x) ds. (enter an integer or a fraction)
-
Accounts receivable balance on December 31, 2023 Allowance for expected credit losses balance on December 31, 2023 $ 2,800,000 102,000 Credit sales made in 2024 17,400,000 Collections from customers...
-
Calculate the sum of the cross products for the following dataset. The standard deviation of the y variable is s-3.162: x y z_score_x z_score_y 5 3 -0.75 -0.32 7 2 0.08 -0.63 4 1 -1.17 8 5 0.50 10 6...
-
What steps did the designers of IPv6 take to make packet header processing more efficient? There are several things that were done. List them all for full credit.
-
Consider the activities undertaken by a medical clinic in your area. Required 1. Do you consider a job order cost accounting system appropriate for the clinic? 2. Identify as many factors as possible...
-
An analyst is preparing a forecast of dividends for Hoshino Distributors for the next five years. He uses a spreadsheet model with the following assumptions: Sales are $100 million in Year 1. They...
-
The group \(\mathrm{D}_{3}\) in Schoenflies notation (32 in international notation, which is read "three-two"; see Table 5.1 ) consists of the proper (those not reflections or inversions) covering...
-
Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3) Tex)=(37) (69) T(c2b)= 1 TO)-(71) 10-(11) TO=(9) = for the group D3, using the basis (e1, e2) defined in the following figure.
Study smarter with the SolutionInn App