help prepare balance sheet!!

6 The directors of Namllih Pte Limited prepared the following draft balance sheet for the year ended 31 August 2018 $ Non-current assets Intangible (Goodwill) Tangible 80 000 300 000 380 000 Current assets Stock Trade debtors 30000 50000 80000 Total assets 460 000 Equity and liabilities Equity Ordinary shares of $0.50 each Share premium Retained profits 200 000 40 000 60 000 300 000 Non-current liabilities 5% Debenture (2025) 100 000 Current liabilities Trade creditors Bank overdraft 25000 35 000 60000 Total equity and liabilities 460 000 The following items are required to be taken into account before finalising the accounts: 1 The stock had not been counted until 6 September 2018 and that value had been used in the accounts. The following has since been discovered: 1) Goods had been sent to a customer on a sale or return basis on 28 August 2018, They had been invoiced at a selling price of $1000. The company has a standard gross profit ratio of 40% on all sales. The customer has not yet indicated whether they will accept the goods. (ii) Goods had been purchased and received from suppliers on 4 September. They had cost $2000. On 5 September the company had sold some goods which had cost $1200. They had not been included in the stock figure at 31 August 2018. 11 2 The stock included some old items which had cost $1500. They could now only be sold for $1300. The company uses the balances on its debtors and creditors ledger control accounts in the balance sheet. A contra entry of $800 had been made in the individual accounts of a customer who was also a supplier. This had not been entered in the control accounts. 4 The company received a bank statement after the balance sheet had been prepared. This showed that the bank had charged interest on the overdraft of $400 on 31 August 2018. 5 The directors had decided to repay half the debenture on 1 November 2018. No interest would be paid at that time but the debenture holder would receive a premium of 10%. 6 The directors reviewed the non-current assets and the following information is provided: The goodwill should be written off over 20 years. (ii) The tangible non-current assets included an item which had a current net book value of $8000. It was now considered to be worth $6000. REQUIRED (a) State two advantages to a business of preparing a balance sheet. [2] (b) Prepare the revised balance sheet at 31 August 2018 after taking the additional information into account [13]