The following is the trial balance of Tully Ltd as on 31 December 2013: Given the following

Question:

The following is the trial balance of Tully Ltd as on 31 December 2013:

image text in transcribed

Given the following information, you are to draw up an income statement for the year ending 31 December 2013, and a statement of financial position as at that date: (i) Authorised share capital: £500,000 in ordinary shares of 20p. (ii) Inventory at 31 December 2013 £102,400. (iii) Motor expenses owing £280. (iv) Ordinary dividend proposed of 5 per cent. (v) Transfer £7,500 to general reserve. (vi) Provide for depreciation: motor vehicles and machinery 20% on cost; premises 5% on cost.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

Question Posted: