You are required to prepare the income statement for the year ended 31.3.X6 and the balance sheet
Question:
You are required to prepare the income statement for the year ended 31.3.X6 and the balance sheet as at that date for internal purposes for the following company:
You are also given the following information:
• Inventory 31.3.X6 £23,483.
• Depreciation of non-current assets is to be provided at the rate of 10% per annum on cost.
• The provision for doubtful debts is to be at 5% of debtors.
• £1,200 of debenture interest and £1,437 of general expenses are to be accrued.
• £925 of general expenses have been paid in advance.
• Provision is to be made for taxation on this year’s profits of £9,700.
• The directors have decided to increase the general reserve by a further £3,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: