The balance sheet of Gregg Ltd at 30 June, 19X6 was expected to be as follows: Fixed

The balance sheet of Gregg Ltd at 30 June, 19X6 was expected to be as follows:

Transcribed Image Text:

Fixed assets Land and buildings Plant and machinery Motor vehicles Office fixtures Current assets Balance Sheet 30 June 19X6 Stock-in-trade: Finished goods Raw materials Debtors (19X6 May 990+ June 900) Cash and bank balances Depreciation Cost to date Net 40,000 40,000 10,000 6,000 4,000 6,000 2,800 3,200 500 220 280 56,500 9,020 47,480 1,800 300 1,890 7,100 11,090 58,570 50,000 7,820 57,820 Financed by Share capital Profit and loss account Current Liabilities Creditors for raw materials (April 240+ May 140 + June 160) 540 Creditors for variable overhead 210 750 58,570