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ALPINE LIMITED Assume that you are working as an Accounts Officer for 1 year and now at the end of financial year 2018. The Management

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ALPINE LIMITED Assume that you are working as an Accounts Officer for 1 year and now at the end of financial year 2018. The Management of Alpine Limited want to asses their financial performance during the year ended June 30, 2018 and have asked you to prepare Profit & Loss and the Balance Sheet for the year then ended. You me across the following information after the examination of the following records Trial Balance As at June 2015 75.000 Factory building costat 1 July 2017 Machinsostat July 2017 Factory buildings accumulated depreciation at 1 July 2017 Machines-accumulated depreciation at 1 July 2017 Avansenssen Debtes Cash and hand 4,000 83,000 Share Capital Retained carnis July 2017 1.147.000 1.142.000 i Depreciation on factory building and machines are provided on reducing balance method 10 and 15% per annum respectively. 10% depreciation on factory building and 100% depreciation on machines are changed to cost of sales. The balance depreciation is changed to administrative expenses On 31 May 2018, a fully depreciated machine was sold for 3.000. The sale proceeds were received on July 2018. No entries luve been made in respect of these transaction i Debtors include an amount 28,000 owed by a customer who experienced cash flow problems prior to the year end. The company has agreed to accept 18,000 in full and final settlement of the debt. Four other debtors arregating 5.000 are required to be written ofl. Income tax liabilny for the year ended 30 Jun 2018 is estimated ar 25.000 V On 20 June 2015 an advance of 12,000 was received under a contract for supply of goods in August 2018. The advance was credited to sales. vi Closing stock al 30 June 2018 amounted to 114,000. It included stock costing 20.000 whereas the related invoice was booked on July 4, 2018 In June 2017, a competitor developed a new product wich has affected the Company s ility to sell on of its prodes at its normal price of 160 per unit. It is estimated that to sell the product, the company needs to offer a discount of 25% 150 units of that product were in and as on 30 June 2011 at a cost of E 120 per unit is selling costs are estimated at 20 per units Assume that you are working as an Accounts Officer for 1 year and now at the end of financial year 2018. The Management of Alpine Limited want to asses their financial perfornance during the year ended June 30, 2018 and have asked you to prepare Profit & Loss and the Balance Sheet for the year then ended You cme across the following information after the examination of the following records: Trial Balance As at 30 June 2018 GBP 1 GBP 737,000 75.000 301.000 240,000 20,000 51.000 200.000 280.000 Sales Stock 1 July 2017 Purchases Manufacturing expenses Selling and marketing expenses Administrative expenses Factory building - cost at 1 July 2017 Machines - cost at 1 July 2017 Factory building - accumulated depreciation at 1 July 2017 Machines - accumulated depreciation at 1 July 2017 Advance income tax Debtors Cash and bank Creditors Share Capital Retained earnings 1 July 2017 50.000 87.000 4,000 117.000 51.000 63,000 300,000 90,000 1,347,000 1.347,000 G R Depreciation on factory building and machines are provided on reducing balance method @10% and 15% per annum respectively. 60% depreciation on factory building and 100% depreciation on machines are charged to cost of sales. The balance depreciation is charged to administrative expenses. On 31 May 2018, a fully depreciated machine was sold for 3,000. The sale proceeds were recceived on 5 July 2018 No entries have been made in respect of these transactions. Debtors include an amount 28,000 owed by a customer who exp[erienced cash flow problems prior to the year-end The company has agreed to accept 18,000 in full and final settlement of the debt. Four other debtors aggregating 5,000 are required to be written off. Income tax liabiltly for the year ended 30 June 2018 is estimated ar 25,000 On 20 June 2018 an advance of 12,000 was received under a contract for supply of goods in August 2018. The advance was credited to sales

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