CASE 1 Thames Appliances Limited is a distributor of domestic garden appliances throughout New Zealand. It is registered under the Companies Act 1993 with contributed equity of 6,000,000 ordinary shares. Set out below is a list of balances extracted from the accounts of the company as at financial year end date 31 December 2012: Debit Credit S S Bank Land at fair value 30,000 6,000,000 Buildings at cost 3,000,000 Accumulated Depreciation - Building 800,000 Plant & Equipment at cost 2,400,000 Accumulated Depreciation - Plant & Equipment 500,000 Vehicles at cost 500,000 Accumulated Depreciation - Vehicles 170,000 Contributed Equity 8,230,000 Treasury Stock 280,000 Purchases 17,300,000 Directors' Fees 370,000 Provision for Doubtful Debts 30,000 Audit Fees 40,000 Donation 35,000 Accounts Payable Accounts Receivable Dividend Income Dividends paid 1,000,000 2,020,000 200,000 300,000