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do it fast thank you Dr 28 330 418 Question 1 The following trial balance is extracted from the books of Alpha Ltd as at
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Dr 28 330 418 Question 1 The following trial balance is extracted from the books of Alpha Ltd as at 30 June 2021. Cr $000 $000 Inventory 1 July 2020 45 Sales 1,500 Rental income Land at cost Buildings - at cost 950 - accumulated depreciation Vehicles - at cost 150 - accumulated depreciation 54 Equipment 80 Accounts receivable and payable 125 99 General distribution costs 145 General administrative expenses 220 Director's fees 78 Dividend paid Ordinary shares 220 Allowance for doubtful debts Bank 18 Purchases 450 Retained earnings at 1 July 2020 196 10% Long term loan 110 Long term loan interest 5 2,655 2,655 77 12 (4) In January 2021 an interim dividend of $77,000 was paid. A final dividend of $55,000 was declared and authorized in June 2021. (5) The corporation tax liability for the year ended 30 June 2021 is estimated to be $94,000. (6) Long-term loan interest outstanding is to be accrued. (7) General administrative expenses include bank overdraft interest of $4,000. (8) The land of the company was professionally valued at $500,000 at 30 June 2021. This valuation should be incorporated into the financial statements. Ignore any tax effectStep by Step Solution
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