The following trial balance was extracted from the books of Gilber Ltd, a manufacturing and trading company, on 31 December 2020 (all the figures are in sh 000).
Ordinary Share Capital of sh 10 each 10% preference share capital sh 25 each Opening stock of raw materials
Opening stock of work in progress Carriage inward of raw materials Share premiums
Purchases of raw material
Sales
Retained profit balance at 1st Jan 2020 Return inward
Factory building
Plant and machinery
Office furniture and equipment Delivery van
Bad debts written off
Direct wages (factory) Administrative expenses
Opening stock of finished goods Factory overheads
Accounts receivables and payable Cash in hand and at bank
10% Corporate Bonds
Rent income
Selling and distribution expenses Director allowances
Allowances for bad debts
Discount received
Factory power and lighting
Interest paid on corporate bonds
Additional information:
Sh 000
1,778 1,360 394
Sh 000 13,000 12,000
1,296 27,094
42,976 1,172
144 10,000 7,500 4,500 2,000 162 6,785 1,992 9,876 191 12,000 276
7,322
7,200
2,800 710
872
480
242 494
360 88488
88488
a) Outstanding expenses: Direct factory wages Kshs. 115,000; office administrative expenses Kshs. 29,000
b) Prepaidexpenses:sellingexpensesKshs.39,000;factorypowerandlightingKshs.31,000. c) Interest on 10% outstanding should be accrued.
d) RentincomeamountingtoKsh48,000havenotbeenreceived.
e) Plant and machinery and delivery van should be depreciated by 20% and furniture and equipment and factory building by 10%.
f) The factory building floor area used for office administrative is 35%
g) Adjustallowancesforbaddebtsto5%ofdebtors.
h) ClosingstockfinishedgoodsisvaluedatKshs.14,566,000,rawmaterialsisKsh2,380,000
and work in progress is Ksh 1,350,000
i) Goods are transferred from the factory to trading department at cost.
j) Corporate tax expensed is estimated at Ksh 2.6 million
k) Directorsareproposingdividendstopreferenceshareholdersandordinaryshareholdersat Ksh 1.5 per shares.
Required:
a) Manufacturing account
b) Statement of profit and loss for the year ended 31st Dec 2020
c) Statement of changes in equity.
d) Statement of Financial Position
e) The following categories of ratio
f) Profitability ratios
g) Liquidity ratio
h) Efficiency ratio
i) Gearing ratio
j) Shareholders ratio (market price per ordinary shares is Ksh 18)
The guance was extreme bookseller Laminating and mading.com. Dober the guesa Sh00 Ordinary Shure Capital of sh 10 each 1 prenor share capital sheach 12.000 adale 172 Openingstock of week in pogres 1.10 Gamage and water 390 12 Penal 24 Sales Benedetta atan 2120 1,172 941 Fada bu 10,000 7.500 Dislans and all 500 te wration of Dat wag . Adres 19 Op de dade 9. Facade 19 Ambles and poste 12.000 7322 Cabin hand and thank 305 Cepote Bonds Restine 710 Dedoles 12 20 Decreed Faden power Interested in corporate bonds 360 a) Ogopa Debary was Kas 12. sep Kahe Tupandexpenses eingespesiesactory power and lighting a 31,000 ning she becent Recettes have not been received stany a la ledupreciated by 3d future and The floor area se facade administratie: 350 Med detto ked goods is valida Kahl. s raw materials Koh 2.21600 - press Kama Condensated from the factory to trading department at cont Cekih 26 in didende te preferably sharest 15 Red Se prin for the yard 31Dec 2009 - Schnity Sofia The owner of the ratio Ludote Sweden pronary his The following trial balance was extracted from the books of Ciber Lida mutfacturing and trading company, en 31 December 2013 all the figures are in shoorn Sh00 Sh00 Ordinary Shapeal sh 10 ch KO 30% preencapital hech 12.000 Opening nack of raw materials 1,779 Opening stock of work in progress 1.0 Carriage inwand of www 394 Suan permis 1.19 Purchana m unna Sales 12.95 Retained profit balance at 1- Jan 2018 L122 Retum inward 14 Factory building 10000 Mantand machinery 7.500 Office Furniture and equipment Delivery Rad debes written 12 Direct way 785 Administrative 19 Opening Hock of finished goods 9.806 Factory wade 191 Accounts receivables and parable 12.000 7.322 Cash in hand and thank 26 105 Code 7200 Rent income 200 Selling and distribution expenses 710 Diwa 1972 Alberwawes for hired debes Discount 242 Tatay power and chang Inespaldo comprands we SSEN SSSS Additional information Outstanding expenses Direct factory wages she 115,000 office administrative experien Kahe 29,000 Prepaid expenses selling expenses Kaher factory power and lighting kshs ... 4 Interest on tos outstanding should be more d) Rent Income amounting to kish have not been red cant and machinery and delivery van should be deprecated by 205 and future and equipment and factory building by to The factory building flowers for oficeministratives 35 Adjust alle for bad debes toodete h Goring to finished predovalada. 1.00, raw materials in 2.0 and work in progress is kah 12.000 Cards are transfered from the factory straling department at cost Corporate expened stimated 26 Dictae peponing dividends to perfetence shatholders and ordinary shareholders at Ksh 13 per shares Required 1 Statement of prodit and low for the year ended 31-Dec 220 0 Statement of changes in equity d) Statement of Financial Position . The following cart . Profitability rate liquidity ratio yo 0 Geaning ati Sharhalders to market price per day shares in Kah18 Introduction to Accounting 2 Assignment 2 The following trial balance was extracted from the books of Gilber Lid, a manufacturing and trading company, on 31 December 2020 (all the figures are in sh"000) Sh 000 Sh 000 Ordinary Share Capital of sh 10 each 13,000 10% preference share capital sh 25 each 12.000 Opening stock of raw materials 1.778 Opening stock of work in progress 1.360 Carriage inward of raw materials 394 Share premiums 1.296 Purchases of raw material 27,094 Sales 42.976 Retained profit balance at 1 Jan 2020 1.172 Return inward 144 Factory building 10,000 Plant and machinery 7,500 Office furniture and equipment 4,500 Delivery van 2,000 Bad debts written off 162 Direct wages (factory) Administrative expenses 1992 Opening stock of finished goods 9,876 Factory overheads Accounts receivables and payable 12.000 7,322 Cash in hand and at bank 276 10% Corporate Bonds 7.200 Rent income Selling and distribution expenses 710 Director allowances 872 Allowances for bad debts 450 Discount received 242 Factory power and lighting Interest paid on corporate bonds SS SS S8488 Additional information: a) Outstanding expenses: Direct factory wages Kshs. 115,000, office administrative expenses Kshs. 29,000 b) Prepaid expenses selling expenses Kshs. 39,000; factory power and lighting Kshs. 31,000. c) Interest on 10% outstanding should be accrued d) Rent income amounting to Ksh 48,000 have not been received. 6.785 191 2.800 494 360 e) Plant and machinery and delivery van should be depreciated by 20% and fumiture and equipment and factory building by 10%. h) The factory building floor area used for office administrative is 35% g) Adjust allowances for bad debts to 5% of debtors. h) Closing stock finished goods is valued at Kshs. 14,566,000, raw materials is Ksh 2,380,000 and work in progress is Ksh 1,350,000 i) Goods are transferred from the factory to trading department at cost. 1) Corporate tax expensed is estimated at Ksh 2.6 million k) Directors are proposing dividends to preference shareholders and ordinary shareholders at Ksh 1.5 per shares. Required: a) Manufacturing account b) Statement of profit and loss for the year ended 31 Dec 2020 c) Statement of changes in equity. d) Statement of Financial Position The following categories of ratio f) Profitability ratios Liquidity ratio h) Efficiency ratio i) Gearing ratio 1) Shareholders ratio (market price per ordinary shares is Ksh 18) The guance was extreme bookseller Laminating and mading.com. Dober the guesa Sh00 Ordinary Shure Capital of sh 10 each 1 prenor share capital sheach 12.000 adale 172 Openingstock of week in pogres 1.10 Gamage and water 390 12 Penal 24 Sales Benedetta atan 2120 1,172 941 Fada bu 10,000 7.500 Dislans and all 500 te wration of Dat wag . Adres 19 Op de dade 9. Facade 19 Ambles and poste 12.000 7322 Cabin hand and thank 305 Cepote Bonds Restine 710 Dedoles 12 20 Decreed Faden power Interested in corporate bonds 360 a) Ogopa Debary was Kas 12. sep Kahe Tupandexpenses eingespesiesactory power and lighting a 31,000 ning she becent Recettes have not been received stany a la ledupreciated by 3d future and The floor area se facade administratie: 350 Med detto ked goods is valida Kahl. s raw materials Koh 2.21600 - press Kama Condensated from the factory to trading department at cont Cekih 26 in didende te preferably sharest 15 Red Se prin for the yard 31Dec 2009 - Schnity Sofia The owner of the ratio Ludote Sweden pronary his The following trial balance was extracted from the books of Ciber Lida mutfacturing and trading company, en 31 December 2013 all the figures are in shoorn Sh00 Sh00 Ordinary Shapeal sh 10 ch KO 30% preencapital hech 12.000 Opening nack of raw materials 1,779 Opening stock of work in progress 1.0 Carriage inwand of www 394 Suan permis 1.19 Purchana m unna Sales 12.95 Retained profit balance at 1- Jan 2018 L122 Retum inward 14 Factory building 10000 Mantand machinery 7.500 Office Furniture and equipment Delivery Rad debes written 12 Direct way 785 Administrative 19 Opening Hock of finished goods 9.806 Factory wade 191 Accounts receivables and parable 12.000 7.322 Cash in hand and thank 26 105 Code 7200 Rent income 200 Selling and distribution expenses 710 Diwa 1972 Alberwawes for hired debes Discount 242 Tatay power and chang Inespaldo comprands we SSEN SSSS Additional information Outstanding expenses Direct factory wages she 115,000 office administrative experien Kahe 29,000 Prepaid expenses selling expenses Kaher factory power and lighting kshs ... 4 Interest on tos outstanding should be more d) Rent Income amounting to kish have not been red cant and machinery and delivery van should be deprecated by 205 and future and equipment and factory building by to The factory building flowers for oficeministratives 35 Adjust alle for bad debes toodete h Goring to finished predovalada. 1.00, raw materials in 2.0 and work in progress is kah 12.000 Cards are transfered from the factory straling department at cost Corporate expened stimated 26 Dictae peponing dividends to perfetence shatholders and ordinary shareholders at Ksh 13 per shares Required 1 Statement of prodit and low for the year ended 31-Dec 220 0 Statement of changes in equity d) Statement of Financial Position . The following cart . Profitability rate liquidity ratio yo 0 Geaning ati Sharhalders to market price per day shares in Kah18 Introduction to Accounting 2 Assignment 2 The following trial balance was extracted from the books of Gilber Lid, a manufacturing and trading company, on 31 December 2020 (all the figures are in sh"000) Sh 000 Sh 000 Ordinary Share Capital of sh 10 each 13,000 10% preference share capital sh 25 each 12.000 Opening stock of raw materials 1.778 Opening stock of work in progress 1.360 Carriage inward of raw materials 394 Share premiums 1.296 Purchases of raw material 27,094 Sales 42.976 Retained profit balance at 1 Jan 2020 1.172 Return inward 144 Factory building 10,000 Plant and machinery 7,500 Office furniture and equipment 4,500 Delivery van 2,000 Bad debts written off 162 Direct wages (factory) Administrative expenses 1992 Opening stock of finished goods 9,876 Factory overheads Accounts receivables and payable 12.000 7,322 Cash in hand and at bank 276 10% Corporate Bonds 7.200 Rent income Selling and distribution expenses 710 Director allowances 872 Allowances for bad debts 450 Discount received 242 Factory power and lighting Interest paid on corporate bonds SS SS S8488 Additional information: a) Outstanding expenses: Direct factory wages Kshs. 115,000, office administrative expenses Kshs. 29,000 b) Prepaid expenses selling expenses Kshs. 39,000; factory power and lighting Kshs. 31,000. c) Interest on 10% outstanding should be accrued d) Rent income amounting to Ksh 48,000 have not been received. 6.785 191 2.800 494 360 e) Plant and machinery and delivery van should be depreciated by 20% and fumiture and equipment and factory building by 10%. h) The factory building floor area used for office administrative is 35% g) Adjust allowances for bad debts to 5% of debtors. h) Closing stock finished goods is valued at Kshs. 14,566,000, raw materials is Ksh 2,380,000 and work in progress is Ksh 1,350,000 i) Goods are transferred from the factory to trading department at cost. 1) Corporate tax expensed is estimated at Ksh 2.6 million k) Directors are proposing dividends to preference shareholders and ordinary shareholders at Ksh 1.5 per shares. Required: a) Manufacturing account b) Statement of profit and loss for the year ended 31 Dec 2020 c) Statement of changes in equity. d) Statement of Financial Position The following categories of ratio f) Profitability ratios Liquidity ratio h) Efficiency ratio i) Gearing ratio 1) Shareholders ratio (market price per ordinary shares is Ksh 18)
