AF5111 Accounting for Corporations 2017/2018 Semester 1 Assignment 1 The following trial balance has been extracted from the records of Proust Lid as at 31 December 2017. Proust Ltd Trial balance as at 31 December 2017 Notes Dr Cr $ooo $oo0 4% Debentures Administrative expenses Allowance for doubtful debts, 1 January 2017 Bank overdraft Cash and bank Corporation tax Cost of sales 500 20/ 340 280 30 6,650 1,740 2,760 80 O Investment Distribution costs Dividends paid Interest expense Inventory, 31 December 2017 Investment income Ordinary shares (450,0oo shares) Preference shares (40o,ooo shares) Loss from discontinued operations Other operating income Property, plant and equipment: 440 900 440 at cost/valuation 5.930 3,150 780 0 accumulated depreciation, 1 January 2017 Retained profits, 1 January 2017 Revaluation surplus Sales Sales of non-current assets Trade and other payables Trade and other receivables -12,550 v. 480 720 630 21,330 21,330