Question
Please prepare balance sheet and income statement for 31st of December 2017 using the trial balance presented below, ensuring that you make all the requested
Please prepare balance sheet and income statement for 31st of December 2017 using the trial balance presented below, ensuring that you make all the requested adjustments.
Adjustments To Be Made (to be made by you)
1) Closing stock was 200,000 on the 31st of December 2017
2) Depreciation:
a) Delivery van - 20%
b) Plant and machinery - 5%
d) Tools and equipment - 20%
3) Amortisation:
a) Goodwill - amortised at a cost of 50,000 for the year.
4) Property was revalued from 465,000 to 500,000.
5) Land was purchased for 200,000 in cash.
6) Dividends were distributed to shareholders during the financial year to a value of 250,000 in cash.
7) Tools and equipment - New tools and equipment were purchased at a cost of 15,000 in cash.
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