assap I need help please

(b) Show as an extract the information which should appear in the balance sheet for the work in progress. (3 marks) (Total 20 Marks) NUMBER FOUR The following figures have been extracted from the books of Mananchi Bank Led. for the year ended 31.12.2000: Sh.'000" Share capital authorized and issued 1,000,000 shares of Sh.100, Sh.50 paid 50,000 Reserve Fund 2,500 Fixed deposit account 9,500 Saving bank deposits 30,000 Current account 80,000 Money at call and short notice 3,000 Investment (cost) 30,000 Interest accrued and paid 2,000 Salaries (including directors fee Sh.50,000) 800 Rent 200 General expenses including auditors fee Sh.20,000 100 Profit and loss (1.1.2000) 60,600 Dividend for 2,000 500 Premises (after depreciation to 1.12.000 Sh. 10M) 120,000 Cash in hand 500 Cash with Central Bank of Kenya 15,000 Cash with other banks 13,000 Borrowed from other banks 7,000 Interest and discounts 11,500 Bills discounted and purchased 6,000 Bills payable 8,000 Loan overdraft and cash credits 70,000 Unclaimed dividends 300 Bills for collection 1,400 Acceptance and endorsements 2,000 Sundry creditors 300 Notes: Rebate on bills discounted and purchased for unexpired term amounts to Sh.50,000. Depreciation on premises is on straight line, 5% on cost while the provision for doubtful debts Sh.300,000 is required. The bank has no business in outside Kenya, a provision for taxation Sh.1,000,000 is to be credited. Required: Prepare: (a) Profit & Loss A/c for the year ended 31.12.2000 (b) Balance sheet as at that date. (Total 20 Marks)NUMBER TWO Excel Business services sells its goods in containers which are returnable. These containers are purchased by the company at Sh.20 per container but each container is written down to the book value of Sh.15 per container immediately it is purchased. For stock taking purposes all containers are valued Sh.15 per container irrespective of whether they are still in stock or in the hands of customers. Containers are charged out to customers at Sh.25 per container, but the customer is credited with Sh.18 per container if it is returned in good condition within three months of receipt. The following information relates to the year ended on 31" March 2003: Stock at 1.4.2002 Premises 10,000 Customers 2,000 During the year 15,000 containers were purchased 40,000 containers were returned by customers within the time limit (iv) 3,000 containers were not returned by customers within the time limit. These were considered as kept by the customers permanently. (v) 1,000 containers were scrapped and sold for Sh.3,000 (vi) Shs.7,000 were spent on the repair of the containers. (via) On 31" March 2003, 4,000 containers were in the possession of customers. Required: Prepare container stock and suspense account for the year ended 31# March 2003 and find the profit or loss made on containers. (20 marks) NUMBER THREE (a) Explain briefly the application of the accruals and prudence concepts in the accounting for long term construction contracts. (5 marks) (b) Ujenzi Limited are engaged in a number of long-term contracts. The following details relate to the three uncompleted contracts in the company's books at 31 August 2003. Contract No. X012 X022 X023 Sh.'000' Sh.'000" Sh.'000' Cost of work to 31* Aug. 2003 1,218 1,091 545.6 Value of work 31 Aug. 2003 as certified by contract architects 1,54 880 572 Progress payments invoice to 31 Aug. 2003 1.320 704 440 Process payment received by 31 Aug. 2003 1,100 704 440 Final cost including future costs of rectification and guarantee work 1,320 1,540 2.640 Final contract price .672 1.232 3,520 Note 1: The cost of work to 31 Aug. 2003 has been determined after crediting unused materials and written down for plant of use. Required: (a) Prepare a statement for the managing director showing your calculations for each contract of valuation of W.I.P at 31 Aug. 2003 and of profit or loss included therein (use % of completion) (12 marks)NUMBER ONE The following is the trial balance of Seem Farm on 31" Dec 2002: Sh.'000" Sh. '000" Debts: Creditors 270,00 Land and buildings 210,000 | Capital 10,000 Farm machine 108,000 Profit & Loss account 60.000 Sundry debtors 30.000 Loan 60,000 Cash in hand 26,000 Provision for depreciation 30,000 Stock 1.1.2002 Sale of wheat 35,000 Growing crops, wheat seeds and Sale of livestock 75.000 fertilizers 20000 Managers personal a/cs 2.000 Livestock 25,000 Bank overdraft 3,000 Feeding materials 6.000 Sandy creditors 15,000 Manager's salary 6,000 Farm labour 5.000 Office expenses 4,000 Crop expenses 10.000 Livestock purchases 12 000 Livestock expense 28.300 Farm house expenses 12.000 Staff meals 500 Repairs on machinery 1,000 Interest on loan (crop) 4,000 Tool and implements 2.500 500 010 Additional Information: 1. Stock on 31.12 2002 Shs.'000" Growing crops, wheat, seeds and fertilizers 10,000 Livestock 40,000 Tools and implements 2,000 Feeding materials 1,000 2. Depreciation on tool and implements is to be apportioned between crops and livestock equally. 3. The livestock is charged with 20% of manager's salary and staff meals. Required: Prepare Crop Account, Livestock Account, Profit and Loss Accounts and a balance sheet as at that date