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This is the only information I received. Can we work with what we have? Q3 The following list of balances has been extracted from the
This is the only information I received.
Can we work with what we have?
Q3 The following list of balances has been extracted from the books of Phillips Ltd as at 30th September 2005 : You are given the following information: Stock at 30 th September 2005 is 42,000 General expenses includes a rent prepayment of 2,000 for the following year The interest on the preference shares has not yet been paid The ordinary shareholders are due a dividend of 10p per share Depreciation needs providing for as follows: Property - 10% on cost Fixtures 5% on cost Motor vehicles 20% on a reducing balance basis Corporation tax of 30,000 needs providing for Required Prepare the trading profit and loss account and the balance sheet for Phillips Ltd as at 30th September 2005Step by Step Solution
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