Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kindly help me solve this Values Added Tax question and please Show Working on how to get the Brought in Goods 12.12 Illustration 4 From
Kindly help me solve this Values Added Tax question and please Show Working on how to get the Brought in Goods
12.12 Illustration 4 From the following information extracted from the annual accounts of JAIYEOLA PLO for the year ended 315 December 20x5, you are required to prepare the company's Statement of Value Added for the year. N000 Sales (net of value added tax) Raw materials inventory at 1 January 20X5 Raw materials inventory at 31 December 20X5 Royalties received Purchase of raw materials Payables as at 15 January 20x5 Payables as at 31 December, 20X5 Receivables as at 19 January 20x5 Peceivables as at 31 December 20X5 Wages (net of PAYE) PAYE deductions Staff pensions Company income tax (statement of comprehensive income) Taxation payable at 19 January 20X5 1,716 302 735 74 1,231 257 423 595 986 278 74 70 165 460 Dividend paid Taxation payable at 31 December 2005 Deprecation (Statement of Comprehensive Income) Jaiyeola Pic's share of earnings of associated company Purchase of non-current assets Dividend received from associated companies Interest paid for the year Retained profits for the year Accumulated deprecation at 31 December 20X5 320 140 165 152 1.100 78 175 202 1,631 12.12 Illustration 4 From the following information extracted from the annual accounts of JAIYEOLA PLO for the year ended 315 December 20x5, you are required to prepare the company's Statement of Value Added for the year. N000 Sales (net of value added tax) Raw materials inventory at 1 January 20X5 Raw materials inventory at 31 December 20X5 Royalties received Purchase of raw materials Payables as at 15 January 20x5 Payables as at 31 December, 20X5 Receivables as at 19 January 20x5 Peceivables as at 31 December 20X5 Wages (net of PAYE) PAYE deductions Staff pensions Company income tax (statement of comprehensive income) Taxation payable at 19 January 20X5 1,716 302 735 74 1,231 257 423 595 986 278 74 70 165 460 Dividend paid Taxation payable at 31 December 2005 Deprecation (Statement of Comprehensive Income) Jaiyeola Pic's share of earnings of associated company Purchase of non-current assets Dividend received from associated companies Interest paid for the year Retained profits for the year Accumulated deprecation at 31 December 20X5 320 140 165 152 1.100 78 175 202 1,631Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started