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Can someone help me please? I have not been receiving any help at all. Im trying to at least understand a and b. ABC Limited
Can someone help me please? I have not been receiving any help at all. Im trying to at least understand a and b.
ABC Limited list of balances on December 31, 2019 S000 727.911 394,481 70.262 90,530 32.150 16,300 900 46.208 6.280 20,648 Sales Cost of sales Distribution costs Administrative expenses Other operating expenses Other operating income Finance costs paid Corporation tax charge for (Note 4) Deferred taxation (Note 3) Corporation tax payable (taken to Statement of Financial Position) Property, plant & equipment Accumulated depreciation Long-term receivables Trade receivables Allowance for bad debts Other receivables and prepayments Cash and bank deposits Issued ordinary share capital General reserve Profit & Loss Account: January 1, 2019 Long term loan Trade payables Other payables and accruals Ordinary dividends paid Closing inventories 153,300 61,300 3.650 150,126 7,506 5,513 66,722 200,000 2.000 151,419 6,000 98,880 21.625 30,000 276,027 Additional information: 1. Current portion of long term receivable $1,000,000 2. Current portion of long term loan $2,000,000 3. Deferred taxation is to be reduced by S246.000. 4. Decrease corporation tax by S1,526,000. 5. Allowance for bad debts is 5% of trade debtors. 6. Interest rate of 15% per annum is charged on the long term loan. No interest was outstanding at the beginning or at the end of the financial year. 7. Issued share capital on January 1, 2019, and on December 31, 2019 is 100,000,000 ordinary shares 8. Authorized share capital: 500,000,000 ordinary shares 9. All finance costs were paid during the financial year. 10. The following relates to 2018: Sales Cost of sales Profit before interest & taxation Taxation charge S000 950,450 575,565 159,550 35,600 11. Property, plant and equipment: Assets Cost Accumulated Charge for the (Jan 1, 2019) Depreciation year (Jan 1, 2019) S000 S000 S000 Land 8.920 Buildings 41,000 2,970 1,025 Plant & machinery 32,200 12,880 6,440 Furniture, fixtures & 9,200 7.165 1,740 equipment Motor vehicles 60,000 17.480 12,000 During the year equipment acquired amounted to $2,480,000 and equipment costing $500,000 with accumulated depreciation of S400,000 was disposed of for $150,000 Required: a. Prepare the Statement of Comprehensive Income for the year ended December 31, 2019 b. Prepare the Statement of Changes in Equity for the year ended December 31, 2019 c. Prepare the Statement of Financial Position as at December 31, 2019. Comparative figures are required. d. Prepare the Statement of Cash Flow for the year ended December 31, 2019. ABC Limited Balance Sheet as at December 31, 2018: S000 Assets Non-Current Assets Property, Plant & Equipment 110,825 Long term receivable 3.650 Total non-current assets 114,475 Current Assets Inventories 265,206 Trade receivables 161,735 Current portion of long term receivable 1,000 Other receivables and prepayments 4,083 Cash and bank deposits 52,777 Total current assets 484.801 Total assets 599,276 Equity and Liabilities Shareholders' Equity Share capital General reserve Profit and Loss Account Total equity 200,000 2,000 151.419 353.419 6,000 6.280 12.280 Non-Current Liabilities Long term loan Other interest-free long-term debts Total non-current liabilities Current Liabilities Trade creditors Other payables and accruals Corporation tax payable Current portion of long-term loan Total current liabilities Total liabilities Total equity & liabilities 195,955 16,500 19,122 2.000 233,377 245,857 599.276 Step by Step Solution
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