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The trial balance for X plc at 31/07/X9 is as follows: Ivotes to the irial baance 1. Depreciation is to be charged on the following
The trial balance for X plc at 31/07/X9 is as follows: Ivotes to the irial baance 1. Depreciation is to be charged on the following basis: a. Buildings - 30 years straight line b. Plant and machinery - 15 years straight line c. Motor vehicles 20% reducing balance All depreciation is charged to administrative costs. 2. Year end inventory is valued at 568,000. However it has been discovered that there are 3,000 items included within year end inventory which have been damaged. These items cost 40 but will require repair work costing 28 per item in order to be saleable for 65. 3. Administrative costs include a payment of 249,000 for premises insurance, which covered the period 1 January 209 to 31 December 20X9. 4. Trade receivables includes some debts which are now irrecoverable, amounting to 32,000, and therefore X plc wishes to write these debts off. The company also wishes to increase the general provision to 3% of receivables. 5. Interest on the bank loan is payable at 6% in half yearly instalments. X plc has not yet accounting for the second payment of interest on the loan. Requirement: Using the information provided, complete the profit or loss expenses working below. (Round all calculations to the nearest thousand.) (Enter each value with no sgn, comma or aecmal places. Use a minus sign where appropriate.)
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