Q1. PLEASE FIND ATTACHED QUESTION POSTED
Provide the answer in a way so that I can post in my excel format easily , do provide calculations support also
Section A: Compulsory single entity financial statement question Question 1: Brighton plc's trial balance at 30 June 2021 was as follows: 000 000 Sales (note 1) 6,465 Distribution costs 669 Administrative expenses 1.126 Disposal of warehouse 225 Dividend received 80 Cost of goods sold 4,165 Freehold premises (note 2) 2.400 Plant and machinery (note 3) 1,800 Furniture and fittings 620 Accumulated Depreciation: (note 4) Plant & machinery 540 Furniture & fittings 360 Inventory at 30 June 2021 1,468 Ordinary shares of 1 each 4,500 Trade investments 365 Revaluation reserve 600 Development costs (note 5) 415 Share premium 500 Trade Receivables 947 Trade Payables 566 Overprovision for tax (note 6) 26 Interim dividend paid (note 7) 200 Retained earnings 488 Cash and bank balances 175 14.350 14,350 The following additional information is available: 1. During the year, a customer purchased three ice cream making machines (A, B & C) from the company. The company normally charges for each machine separately a price of 110,000 (A). 140,000 (B) and 150,000 (). On this sale, the company charged the customer a total price of 300,000, which was paid on 15 June 2021. Machines A & C were delivered to the customer during the year, while B was delivered after the end of the year. None of the accounting entries relating to this transaction have bee recorded and are not reflected in the trial balance. 2- Freehold premises acquired for 1.8 million were revalued in 2018, recognising a gain of 600,000 These include a warehouse, which has a book value of 120,000, was revalued at 150,000 and was sold in June 2021 for 225,000. 3. Brighton wishes to report plant and machinery at open market value which is estimated to be 1.960,000 on 1 July 2020. 4- Company policy is to depreciate its assets on the straight-line method at annual rates as follows: Plant and machinery 10% Furniture and fittings 5% 5. Until this year the company's policy has been to capitalise development costs, to the extent permitted by relevant accounting standards. The company must now write off the development costs as the project no longer meets the capitalisation criteria. 6- Income tax for the year is estimated at 122,000. 7- Directors propose a final dividend of 4p per share, declared an obligation, but not paid at the year- end Page 2 of 10 Required: (a) Prepare the statement of comprehensive income for the year ended 30 June 2021. 6) Prepare the statement of financial position as at 30 June 2021. (10 marks) (15 marks)
