Wilhelmina is a trader whose financial year ends on 31 March. Her trial balance at 31 March 2004 was as follows.

Further information 

1. Stock at 31 March 2004 cost $16.000. 

2. The loan was received in 2001 and is repayable in 2006. Interest on the loan is at the rate of 10% per annum. 

3. Plant and machinery includes $6000 for a machine bought on hire purchase on 1 January 2004. The cash price of the machine is $30 000. The balance is payable in four quarterly instalments of $6200, including interest, on 1 April 2004, 1 July 2004, 1 October 2004 and 1 January 2005. 

4. The leasehold property was acquired on 1 October 1998 for a period of 15 years. It is being amortised on the straight-line basis.

5. Plant and machinery are depreciated on the reducing- balance method using the annual rate of 25%. 

6. Office equipment is depreciated at 15% per annum on the straight-line basis. 7. At 31 March 2004, $300 was owing for electricity, and sundry expenses of $180 had been prepaid. 

Required 

(a) Prepare Wilhelmina's Trading and Profit and Loss Account for the year ended 31 March 2004. 

(b) Prepare the Balance Sheet at 31 March 2004.

Transcribed Image Text:

Leasehold Property at cost Provision for Depreciation of Leasehold Property Plant and Machinery at cost Provision for Depreciation of Plant and Machinery Office Equipment at costoun Provision for Depreciation of Office Equipment Trade debtors Trade creditors Stock Bank Wages Electricity Repairs to Machinery Sundry Expenses Interest on Loan Sales Sales Returns Purchases Purchases Returns $. 45 000 21 000 7 000 1526 13 000 1964 13 017 1 012 643 1 234 1.000 1 590 50 914 $ 13 500 9 200 2 400 973 80 600 825 20 000 Long-term Loansgeb 101 2noizvo Drawings 18 598 zion prit Capital 50 000 dradile viques our sham one coba 177 498 177 498