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The trial balance of Beta shows the following balances at 3 1 December 2 0 2 3 :Additional information: ( 1 ) During the year
The trial balance of Beta shows the following balances at
December :Additional information:
During the year to December assets with a carrying amount of $ were sold with a profit of $ No entries have yet been made to record this. Depreciation charges for the year should be calculated at on cost
Inventories raw materials at January were valued at $ workinprogress at January was valued at $
The income tax for the year is evaluated as $
Beta works as an agent for a number of smaller contractors, earning commission of Beta's revenue includes $ received from clients under these agreements with $ in cost of sales representing the amount paid to the contractors.
Receivables totalling $ are to be written off
Intangible assets are to be amortized at on cost
Allowance for receivables should be created as of net sales
Land is to be revalued to $
On December Beta received an order from a new customer, Alfa, for products with a sales value of $ Alfa enclosed a deposit with the order of $ On December Beta had not completed credit checks on Alfa and had not despatched any goods.
No transactions are recorded.
Petty cash balance, $ Required:
Prepare
i general journal for the transactions; ii ledger accounts showing descriptions and balances; iii a trial balance; iv a statement of profit or loss and other comprehensive income for the year ended December
v a statement of changes in equity for the year ended
December
vi a statement of financial position at that dateomitted from the trial balance.
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