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The trial balance of Beta shows the following balances at 3 1 December 2 0 2 3 : table [ [ , Dr ,
The trial balance of Beta shows the following balances at December :
tableDrCh$$tableIssued share capital sharesShare premium,,Finance costs,tableRetained earnings JanuarytableInventory raw materials at January SalesPurchasesPurchases returns,,Sales returns,Carriage outwards,Selling expenses,Intangible assets,Administrative wages,tableWarehouse plant andequipment costtableAccumulated depreciation January Delivery vehicle hire,Distribution expenses,Administrative expenses,Directors salaries,Sales allowances,Investment income,,Bank overdraft,,Trade receivables,Cash at bank,Land
Additional information:
Inventories at January were valued at $
Workinprogress at January was valued at $
Depreciation charges for the year amounting to $ and $ are to be included in distribution costs and administrative expenses, respectively.
The income tax for the year is evaluated as $
Titus had supplied goods to the company amounting to $ He had also been supplied with goods by Beta totalling $ It was decided that the latter amount be set against the balance due to Titus on the payables ledger, but no entries have yet been made to record this.
There were no disposals of any noncurrent assets during the year. Land was revalued at December to $ No entries have yet been made to record this.
Receivables totalling $ are to be written off
General reserve is to be created as $
Allowance for receivables should be created as of net receivables
Delivery vehicle hire includes prepayment for JanuaryMarch totaling $
Required to prepare:
i general journal for the transactions;
ii ledger accounts showing descriptions and balances;
iii a statement of profit or loss and other comprehensive income for the year ended December
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