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Question 1 The following information has been extracted from the books of Woolri pic for the year ended 30 April 2019. E f 46,000 108,000

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Question 1 The following information has been extracted from the books of Woolri pic for the year ended 30 April 2019. E f 46,000 108,000 62,500 7.300 125,000 32.000 56.000 7,500 6,500 3,00 2,000 16,000 618.500 1,185,000 Inventories at 1/05/18 Trade Receivables Trade Payables Bad debts written off Wages & Salaries Insurance Rent & rates Discounts allowed Returns outward Provision for doubtful debts Debenture interest Bank Purchases Sales revenue Administrative expenses Selling & Distribution expenses 5% Debentures repayable 2024 Ordinary share capital 1 each Buildings Plant & Equipment Motor Vehicles Accumulated depreciation at 1/05/18: Buildings Plant & Equipment Motor Vehicles Final dividend paid for 2017 Interim dividend on Ordinary shares Retained earnings at 1/05/18 74,500 56,200 80.000 2,720,000 3,000,000 76.000 96.000 250,000 8.000 16,000 81,6001 54.400 0 126,000 Total 4,457,000 4,457,000 Question 1 Continued Overleaf... Additional information: 1. Closing inventories at 30 April 2019 amounted to 82,000 2. Sales Commissions payable of 24,000 were outstanding at 30 April 2019 3. Rent of 3,000 had been paid in advance at 30 April 2019 4. Provision for doubtful debts is to be made at 5% of Trade Receivables 5. Depreciation on Non-current assets is to be provided as follows: Buildings -2% on cost Equipment -5% on cost Motor vehicles -25% on the net book value 6. Corporation tax is estimated to be 20,000 7. Interest outstanding on the debenture is to be provided for 8. A final dividend of 4% has been proposed by the directors Required Using the information provided above, prepare the income statement for the year ended 30 April 2019 and a balance sheet as at that date for Woollaod plc. The financial statements should be prepared in compliance with the requirements of IAS 1 Presentation of Financial Statements in so far as the information permits and should include the relevant notes. (Total 20 marks)

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