1. The following Trial Balance as of 31^st Dec 2004 belongs to Kisui Ltd specialist wholesalers.

 

  

Notes:

1. Inventory at 31.12.2004: $412,780 consists of goods for resale.
2. Plant and machinery are apportioned: distribute 60%, administrative 40%.
3. Accrued auditor’s remuneration $71,000.
4. Depreciate plant and machinery: 20% on cost.
5. Of the motor hire, $55,000 is for distributive purposes.
6. Corporation tax on profits, at a rate of 35% is estimated at $238,500 and is payable on 1.10.2005.
7. Pension contributions for the staff amounted to $42,550 and social security contributions to $80,120. These figures include wages and salaries in the trial balance. No employee carried over $30,000.
8. A plant of $75,000 has been bought during the year.
9. Director’s ‘remuneration has been as follows:
10. 
In addition, each of them drew $2,000 as directors’ fees. Pensions are the personal responsibility of directors.

Required:

Subject to the limits of the information given to you, draw up an income statement for the year ending 31. December 2004, and a balance sheet as of that date. They should be in published form and accompanied by the necessary notes prescribe by statute. 

11.  

Ordinary share capital $ 1 share Share premium General reserve Retained profits as at 31/12/2003 Inventory 31/12/2003 Revenue Purchases Return outwards Return inwards Carriage inwards Carriage outwards Warehouse wages (average number of workers 59) Sales people's salaries (average number DR 336,720 2,475,910 136,200 6,340 43,790 410,240 CR 1,000,000 120,000 48,000 139,750 5,090,370 121,220