The following balances remained in the books of Owen Ltd on 31 December 19X1, after the profit and loss account and appropriation account had been drawn up. You are to draft the balance sheet as at 31 December 19X11 in accordance with the Companies Acts.

Transcribed Image Text:

Dr 34 Ordinary share capital: 1 shares Preference share capital: 50p shares Calls account (ordinary shares) Development costs Goodwill 50,000 25,000 150 3,070 21,000 Land and buildings - at cost 48,000 Plant and machinery - at cost 12,500 Provision for depreciation: Buildings 16,000 Provision for depreciation: Plant and machinery 5,400 Shares in related companies 35,750 Stock: Raw materials 3,470 Stock: Finished goods 18,590 Debtors: Trade 17,400 Amounts owed by related companies 3,000 Prepayments 1,250 Debentures (see note 1) 10,000 Bank overdraft (repayable within 6 months) 4,370 Creditors: Trade (payable within 1 year) 12,410 Bills payable (see note 2) 3,600 Share premium 20,000 Capital redemption reserve General reserve Profit and loss account 5,000 4,000 8,400 164,180 164,180