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Kiwi Supplies Limited is a distributor of domestic garden appliances throughout New Zealand. It is registered under the Companies Act 1993 with contributed equity
Kiwi Supplies Limited is a distributor of domestic garden appliances throughout New Zealand. It is registered under the Companies Act 1993 with contributed equity of 6,000,000 ordinary shares. The following of balances are extracted from the adjusted trial balance of the company as at financial year end date 31 March 2022: Debit Credit $ $ Bank Land at fair value 30,000 5,100,000 Buildings at cost 2,000,000 Plant & Equipment at cost 2,400,000 Accumulated Depreciation - Plant & Equipment 690,000 Vehicles at cost 500,000 Accumulated Depreciation - Vehicles 245,000 Accumulated Impairment - Vehicle 5,000 Contributed Equity 8,230,000 Investment available for sale 1,900,000 Revaluation Gain of investment available for sale 500,000 Investment held for trading 1,600,000 Treasury Stock 280,000 Provision for Doubtful Debts 40,000 Long term Loan Due Within 1 year 200,000 Accounts Payable 1,000,000 Accounts Receivable 2,000,000 Accrued Interest 75,000 Inventory as at 1 April 2021 250,000 Long Term Loan 1,300,000 Retained Earnings-1 April 2021 320,000 Dividend 300,000 Revaluation Reserve - 31 March 2022 100,000 Tax Payable 819,280 The following additional information is relevant for preparing balance sheet for the year ended 31 March 2022: The cost of inventory as at 31 March 2022 is $225,000 and the net realisable value of the inventory is $200,000. The profit for the year ended 31 March 2022 is $2,725,720 Required Prepare for Kiwi Supplies Limited a Balance Sheet as at 31 March 2022.
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