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Question 1

After one year of trading, the trial balance for Rock On for the period ended 31^st December 2X14 before making year-end adjustments is as follows:

Capital 657,800

Drawings 104,000

Bank 10,200

Loan 234,000

Sales 912,400

Purchase 664,40

Returns Inwards 76,000

Returns Outwards 54,000

Carriage Inwards 19,200

Carriage Outwards 16,400

Trade Receivables 147,800

Trade Payables 92,400

Buildings 520,000

Vehicles 170,000

Investments 170,000

Rent Paid 50,000

Interest Received 21,600

Wages and Salaries 21,000

Light and Heat Expenses 7,200

Total 1,972,200 1,972,200

The following additional information relates to year-end adjustments that have not been reflected in the above balances:

1) Closing Inventory at 31.12.2X14 is valued at 319,800.

2) Light and Heat due 31.12.2X4 is 4,600.

3) Rent paid in advance on 31.12.2X14 is 30,000.

4) Depreciation is to be provided as follows:

a.Buildings 12.5% on cost;

b. Vehicles 20% reducing balance.

5) Bad debts of 15,700 are to be written off and the provisions for bad debts is to be at 4% ofremaining Trade Receivables.

6) The interest on the loan is 7.5% per annum and this has not yet been paid at the year end.

You are required to:

(a) Prepare for Rock On., in a form suitable for publication:

Ledgers, T accounts, The Statement of Profit or Loss and other Comprehensive Income for the year ending 31^st December 2X14 and the Statement of Financial Position as at that date, in so far as the information provided permits.

You are required to submit workings to show the make-up of the figures in the Statement of Comprehensive Income and the Statement of Financial Position.