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Practice Questions The following is a trial balance of D . Mazoka Ltd as at 3 0 September 2 0 1 9 table [
Practice Questions
The following is a trial balance of D Mazoka Ltd as at September
tablePulaPulaDRCRAuthorized and Alloted Share Capital : Ordinary Shares of P each,, Preference Shares of thebe each,, Debentures,,Share Premium,,Revaluation Reserve,,General Reserve,,Retained Profit from previous year,,Leashold Premises at valuation,GoodwillPlant and MachineryCost PStockLoose ToolsCost PDebtors Creditors,Provision for doubtful debts,,Bank Overdraft,,PurchasesSalesRatesDirectors Salaries,Light and Heat,Preliminary Expenses,Plant Hire,Interest on Debentures,Interim dividend on ordinary shares,Listed Investments,Bad Debts,Investment Income,,Audit Fees,
The following Additional Information is available:
Stock on March is valued at P
Rates include a payment of P for six months from July
Depreciation on plant is per annum of cost and the Loose tools were valued at P on September The company does not amortize goodwill or premises.
The provision for doubtful debts is to be adjusted to of the debtors at the end of the year.
The preference share dividends are outstanding at the end of the year and the half year's interest on the debentures has not been paid.
The corporation tax on this year's profit is P
The directors propose to declare a final dividend on the ordinary shares of thebe per share and transfer P to the general reserve.
You are required to prepare the Income Statement for the year ended September and the Statement of Financial Position on that date
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