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this is complete questions with a tables provided because I need answers in that format and complete and accurate answer.. thankyou Question C1 The following
this is complete questions with a tables provided because I need answers in that format and complete and accurate answer..thankyou
Question C1 The following is a list of assets, liabilities and ownership interest of Tring Ltd at 1 January Year 5 when the company began to trade: - '000 250 Assets '000 Liabilities Plant and equipment 300 12% Debenture Year 15 Inventory 80 Investment in shares of Yellow and 20 Co. plc Cash and Bank 10 Ownership interest: shares 410 The company has an issued share capital of 160,000 1 Ordinary shares. 160 410 The following transactions were undertaken by Tring Ltd in the year to 31 December Year 5: 000 180 300 50 270 210 1. Goods for sale which cost 180,000 were removed from the company's store and delivered to customers 2. Some customers received goods from the company on credit terms with a sales price of 300,000. 3. Some customers received goods from the company with cash on delivery with sales price of 50,000. 4. Payments of 270,000 were received by the company from credit customers 5. The company purchased goods for sale from suppliers at as cost of 210,000 on credit terms. 6. The company made payments of 150,000 to suppliers for goods purchased on credit terms 7. The company has paid expenses during the year of 55,000. 8. The company has incurred expenses of 5,000 during the year for which payment has not yet been made 9. The company receives dividends of 3,000 from its shares in Yellow and Co. plc 10. Interest of 15,000 covering the period up to 30 June Year 5 was paid in the year 150 55 5 17 The following information relates to adjustments that should be made at the end of year 5: i. Depreciation for the year should be calculated at the rate of 10% a year on plant and equipment ii. Debenture interest of 15,000 for the six months to 31 December Year 5 should be accrued. iii. Some items of slow moving stock held at 31 December Year 5 that cost the company 30,000 are found to have a net selling price of 23,000. Required (a) Using the accounting equation spreadsheet, record the effect of the above transaction of Tring Ltd for the year to 31 December Year 5 and the adjustments at 31 December Year 5. 22 marks And (b) From the spreadsheet prepare a statement of financial position (balance sheet) for Tring Ltd as at 31 December Year 5. 8 marks Ownership Interest Share Revenue Expenses capital + E000 000 E000 160 1 a) This Accounting Equation Spreadsheet is for use in answering question 'Tring Ltd. Assets Liabilities Cash Plant and Investment Inventories Receivables Payables(creditors) Debentures equipment in shares (debtors) and accruals E000 000 E000 000 E000 000 E000 Balance at 10 300 20 80 250 1/1/Year 5 Transactions 1. Cost of sales 2. Sale on credit 3. Sale for cash 4. Payments from customers 5. Credit purchases 6. Payment to suppliers 7. Cash expenses 8. Accrued expenses 9. Dividends received 10. Interest paid Adjustments Depreciation ii Accrued interest iii Inventory adjustment Balance at 31/12/Year 5 Question C1 (b) Tring Ltd Statement of financial position (balance Sheet as at 31 December Year 5 '000 Non-current assets '000 Current assets Current liabilities Non-current liabilities Capital and reservesStep by Step Solution
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