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TEST 3 - OPO ONO a produce the following a balance as 31 January 2015 1.500.000 75.000 465 000 220,000 340.000 124,000 70,000 1.500.000 90.000 650,000 Revenue Inventories 31 January 20X4 Purchase Distribution costs Administrative expenses Dividends paid Development expenditure Land and buildings Cost Accumulated depreciation Plant and machinery Cost Accumulated depreciation Motor vehicles Cool Accumulated depreciation Trade receivables and trade payables Prepayments and scals at 31 January 20X5 Cash at bank and bank overdraft Bank loan Share capital - Ordinary shares of 1 each Retained earnings Share premium 160,000 250.000 703.700 279,300 249.000 90.000 380.000 150.000 110,000 200,000 850,000 1.320,000 50.000 4.926.000 1 4.926.000 Additional information (3) The company's land and buildings cost 1.5m (and element 300,000) on 1 February 20X0 and were being depreciated over 50 years. On 1 February 20x4 the remaining useful life of the buildings was estimated at 40 years 12) No adjustments have been made for the depreciation charge for the year ended 31 January 20Xs. Depreciation rates and allocation to expenses are as follows Cost of sales Admin costs Dist costs Land and buildings see (1) above 50% 50% Plant and machinery - 10% straight line 80% 10% 10% Motor vehicles 20% reducing balance 100% (3) The tank loan was taken out on 30 July 20X4 and is repayable in five years. No adjustments have been made for the interest charge of 5% per annum (4) Tax on profits for the year has been estimated at 35,000 and has yet to be provided for in the trial balance (5) The development expenditure was incurred during the year and relates to a new delivery system, Development will be completed in 20X6. The company believed it has a reasonable expectation of future benefits but has been unable to demonstrate this and so the cost will be written off to distribution costs MacBook Air 2 od 17 Du A 5 6 7 8 TEST 3 - 12/2021 - Thutmalaadun-The Student of University of Economics and were being deprecated over 50 years on February 20X4 the remaining of the buildings was stated 40 years c) Ne adjustments have been made for the depresion charge for the year enged 31 January 2005 Depreciation rates and location to expenses are as follows Cost of sales Admin costs Dist costs Land and buildings with above SON SON Pin and machinery 10% straight line 80% 10% 10% Motor vehicles 20% reducing balance 100% (9) The Bank loan was taken out on 30 y 20 and is repayable in five years. Noustments have been made for the rest charge of 5% per annum 14) Taxonprofits for the year has been estimated at 235.000 and has yet to be provided for in the trial balance (5) The development expenditure was incurred during the year and relates to a new delivery system Development will be completed in 20%. The company believed it has a reasonable expectation of future benefits but has been unable to demonstrate this and so the cost will be written off to distribution costs 16) One of OPO ple's customers was declared insolvent on 15 February 20X5. The customer owed OPO pic E56,000 at 31 January 20X5 and no payment is expected to be made recoverable debts are written off to administrative expenses (7) Op plc had inventories of 686 300 at 31 January 20X5 (5) OPO pic began renting an additional storage unit on 1 December 20X4 at a cost of 3.000 per month. No payment has been made to date. Rental payments are charged to administrative expenses (9) 150,000 of revenue recognised is in respect of service contracts for which the performance obligations have not yet been satisfied Requirement Prepare the statement of profit or loss for OPQ pic for the year ended 31 January 20X5 and the statement of financial position at that date Statement of profit or loss for the year ended 31 January 20X5 Revende Cost of sales Gross profit MacBook Air co D 00 13 0 150.000 of revence record is respect of service contracts for which the performance obligations have not yet been satisfied Requirement Prepare the statement of profit or loss for OPC plc for the year ended 31 January 2005 and the woment of financial position at that date Statement of profit or loss for the year ended 31 January 20X5 Revenge Cost of sales Gross profit Distribution costs Administrative expenses Profit foss) from operations Finance costs Profit/loss) before tax Income tax expense Profit/loss) for year Statement of financial position at 31 January 20x5 E ASSETS Non-current assets Land and buildings Prant and machinery Motor vehicles Current assets Inventories Trade receivables Prepayments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Ordinary share capital Share premium Retained earnings Non-current liabilities Borrowings Current liabilities Trade payables Accrual MacBook Air go Du F. FS FO F7 BB A & % 5 6 7 00 8 9 Bank overdraft Deferred income Income tax payable Total equity and liabilities TEST 3 - OPO ONO a produce the following a balance as 31 January 2015 1.500.000 75.000 465 000 220,000 340.000 124,000 70,000 1.500.000 90.000 650,000 Revenue Inventories 31 January 20X4 Purchase Distribution costs Administrative expenses Dividends paid Development expenditure Land and buildings Cost Accumulated depreciation Plant and machinery Cost Accumulated depreciation Motor vehicles Cool Accumulated depreciation Trade receivables and trade payables Prepayments and scals at 31 January 20X5 Cash at bank and bank overdraft Bank loan Share capital - Ordinary shares of 1 each Retained earnings Share premium 160,000 250.000 703.700 279,300 249.000 90.000 380.000 150.000 110,000 200,000 850,000 1.320,000 50.000 4.926.000 1 4.926.000 Additional information (3) The company's land and buildings cost 1.5m (and element 300,000) on 1 February 20X0 and were being depreciated over 50 years. On 1 February 20x4 the remaining useful life of the buildings was estimated at 40 years 12) No adjustments have been made for the depreciation charge for the year ended 31 January 20Xs. Depreciation rates and allocation to expenses are as follows Cost of sales Admin costs Dist costs Land and buildings see (1) above 50% 50% Plant and machinery - 10% straight line 80% 10% 10% Motor vehicles 20% reducing balance 100% (3) The tank loan was taken out on 30 July 20X4 and is repayable in five years. No adjustments have been made for the interest charge of 5% per annum (4) Tax on profits for the year has been estimated at 35,000 and has yet to be provided for in the trial balance (5) The development expenditure was incurred during the year and relates to a new delivery system, Development will be completed in 20X6. The company believed it has a reasonable expectation of future benefits but has been unable to demonstrate this and so the cost will be written off to distribution costs MacBook Air 2 od 17 Du A 5 6 7 8 TEST 3 - 12/2021 - Thutmalaadun-The Student of University of Economics and were being deprecated over 50 years on February 20X4 the remaining of the buildings was stated 40 years c) Ne adjustments have been made for the depresion charge for the year enged 31 January 2005 Depreciation rates and location to expenses are as follows Cost of sales Admin costs Dist costs Land and buildings with above SON SON Pin and machinery 10% straight line 80% 10% 10% Motor vehicles 20% reducing balance 100% (9) The Bank loan was taken out on 30 y 20 and is repayable in five years. Noustments have been made for the rest charge of 5% per annum 14) Taxonprofits for the year has been estimated at 235.000 and has yet to be provided for in the trial balance (5) The development expenditure was incurred during the year and relates to a new delivery system Development will be completed in 20%. The company believed it has a reasonable expectation of future benefits but has been unable to demonstrate this and so the cost will be written off to distribution costs 16) One of OPO ple's customers was declared insolvent on 15 February 20X5. The customer owed OPO pic E56,000 at 31 January 20X5 and no payment is expected to be made recoverable debts are written off to administrative expenses (7) Op plc had inventories of 686 300 at 31 January 20X5 (5) OPO pic began renting an additional storage unit on 1 December 20X4 at a cost of 3.000 per month. No payment has been made to date. Rental payments are charged to administrative expenses (9) 150,000 of revenue recognised is in respect of service contracts for which the performance obligations have not yet been satisfied Requirement Prepare the statement of profit or loss for OPQ pic for the year ended 31 January 20X5 and the statement of financial position at that date Statement of profit or loss for the year ended 31 January 20X5 Revende Cost of sales Gross profit MacBook Air co D 00 13 0 150.000 of revence record is respect of service contracts for which the performance obligations have not yet been satisfied Requirement Prepare the statement of profit or loss for OPC plc for the year ended 31 January 2005 and the woment of financial position at that date Statement of profit or loss for the year ended 31 January 20X5 Revenge Cost of sales Gross profit Distribution costs Administrative expenses Profit foss) from operations Finance costs Profit/loss) before tax Income tax expense Profit/loss) for year Statement of financial position at 31 January 20x5 E ASSETS Non-current assets Land and buildings Prant and machinery Motor vehicles Current assets Inventories Trade receivables Prepayments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Ordinary share capital Share premium Retained earnings Non-current liabilities Borrowings Current liabilities Trade payables Accrual MacBook Air go Du F. FS FO F7 BB A & % 5 6 7 00 8 9 Bank overdraft Deferred income Income tax payable Total equity and liabilities