INTERIM ASSESSMENT 2021-FINANCIAL REPORTING QUESTION 1 The following trial balance relates to Washawasay Limited, a wholesale...

Transcribed Image Text:

INTERIM ASSESSMENT 2021-FINANCIAL REPORTING QUESTION 1 The following trial balance relates to Washawasay Limited, a wholesale company as at 31" December, 2019. Debit GHC Credit GHC Sale Revenue 11,018,400 Inventory-01/01/2019 1,104,000 Purchases 2,480,000 Loan Note Interest Paid 17,600 Investment Income 57,600 Administration Expenses (Notes(v))) 1,366,400 Selling & Distribution Expenses 896,000 Ordinary Shares (GHC 2.00 per share) 2,320,000 8% Loan Notes (2016-2022) 400,000 10% Debenture 480,000 Revaluation Reserve 28,000 Contingency Reserve Retained Earnings - 01/01/2019 Trade Receivables 240,000 576,000 1,485,600 Cash and Cash Equivalents 2,302,400 Trade Payables 1,008,000 Corporation Tax (note(ii)) 248,000 Leasehold Building at valuation-01/01/2019 (note(iv)) 2,240,000 Plant and Equipment-Cost/Depreciation (note(iv)) 2,200,000 512,000 Computer Equipment-Cost/Depreciation (note(iv)) 1,152,000 320,000 Motor Vehicle-Cost/Depreciation 240,000 64,000 Investment Property (Note (iii)) 1,392,000 Suspense (note(vi)) 100.000 17.124.000 17.124.000 INTERIM ASSESSMENT 2021-FINANCIAL REPORTING QUESTION 1 The following trial balance relates to Washawasay Limited, a wholesale company as at 31" December, 2019. Debit GHC Credit GHC Sale Revenue 11,018,400 Inventory-01/01/2019 1,104,000 Purchases 2,480,000 Loan Note Interest Paid 17,600 Investment Income 57,600 Administration Expenses (Notes(v))) 1,366,400 Selling & Distribution Expenses 896,000 Ordinary Shares (GHC 2.00 per share) 2,320,000 8% Loan Notes (2016-2022) 400,000 10% Debenture 480,000 Revaluation Reserve 28,000 Contingency Reserve Retained Earnings - 01/01/2019 Trade Receivables 240,000 576,000 1,485,600 Cash and Cash Equivalents 2,302,400 Trade Payables 1,008,000 Corporation Tax (note(ii)) 248,000 Leasehold Building at valuation-01/01/2019 (note(iv)) 2,240,000 Plant and Equipment-Cost/Depreciation (note(iv)) 2,200,000 512,000 Computer Equipment-Cost/Depreciation (note(iv)) 1,152,000 320,000 Motor Vehicle-Cost/Depreciation 240,000 64,000 Investment Property (Note (iii)) 1,392,000 Suspense (note(vi)) 100.000 17.124.000 17.124.000