Toplink whose line of business is general merchandising makes up account to 31 March every year. Its final balances as at 31/3/2018 are shown below NW A Me 10 DA SA Ta F Mul on un & Cul PAL w videl ma The following additional information is relevant 1.Taration for the current year including under provision in previous year (N85.000.000) is N250,000.00 2. Stock as at closing dates is N3.754.000 3. The 5% unsecured loan stock was obtained on 31/3/2016 4. Depreciation on fixed assets has always been provided at the following roles on cost Land & Building b. Plant & Machinery 159 Motor Vehicle d. Fixtures & Fittings Depreciation is generally regarded as ministration expenses but depreciation of motor vehicles distribution cost 5. The income tax dcbit in trial balance relates to under provision in previous year paid during the year 6. Addition o fixed assets during the year we Plant Machinery N50m Fixtures & Fittings Nom 7. The goodwill has been acquired for a valuable consideration during the year and should be treated in line with CAMA 1990, the directors having no objection * Share capital comprises of Authorised 20M issued 19.2M, or 50k cach 9. Proposed dividend is Sk per share. 10. The directors decided to transfer N250,000 to general reserve 11. Assume a company's tax rate of 30% and willing tax rate at 10% You are required to prepare for publication the necessary statements with notes to the accounts Question 1 Toplink whose line of business is general merchandising makes up account to 31st March every year. Its final balances as at 31/3/2018 are as shown below; CR N'000 Dr N'000 1,000 9,500 6,500 5,000 600 3,300 2,500 10,300 53,840 28,500 900 1,890 4,236 1,800 480 5,150 3,086 5,600 Goodwill Land & Building Plant & Machinery Fixtures & Fittings Provisions for Dep: Land & Building Plant & Machinery Fixtures & Fittings Long term Investment Sales Purchases Salaries & Wages: Distribution Administration Creditors due within 1 year: Trade Creditors Other Creditors Bank Overdraft Trade Debtors Bank & Cash Stock 1/4/97 Share Capital Share Premium P&L General Reserve Provision for Staff Pension Interest on Short-term Bank Overdraft Uninsured fire loss Income Tax Interim dividend paid Income tax 1/4/97 Other selling and distribution exp Other Administration exp Commission received Auditors remuneration Motor Vehicle Provision for Depreciation Creditors due after 1 year: 5% unsecured loan stock 2019/2020 9,600 300 1,271 210 390 30 176 85 250 1,800 2,600 890 300 370 1,800 900 1,500 9,600 300 1,271 210 390 30 176 85 250 1,800 2,600 Share Capital Share Premium P&L General Reserve Provision for Staff Pension Interest on Short-term Bank Overdraft Uninsured fire loss Income Tax Interim dividend paid Income tax 1/4/97 Other selling and distribution exp Other Administration exp Commission received Auditors remuneration Motor Vehicle Provision for Depreciation Creditors due after 1 year: 5% unsecured loan stock 2019/2020 Bank Loan Other creditors 890 300 370 1,800 900 1,500 160 440 83,627 83,627 The following additional information is relevant; 1. Taxation for the current year including under provision in previous year (N85,000,000) is N2,580,000.00 2. Stock as at closing dates is N3,754,000. 3. The 5% unsecured loan stock was obtained on 31/3/2016 4. Depreciation on fixed assets has always been provided at the following rates on cost: a. Land & Building 2% b. Plant & Machinery 15% c. Motor Vehicle 25% d. Fixtures & Fittings 20% Depreciation is generally regarded as administration expenses, but depreciation of motor vehicle as distribution cost. 5. The income tax debit in trial balance relates to under provision in previous year paid during the year. 6. Addition o fixed assets during the year were Plant & Machinery N50m Fixtures & Fittings N60m. 7. The goodwill has been acquired for a valuable consideration during the year and should be treated in line with CAMA 1990, the directors having no objection. 8. Share capital comprises of Authorised 20M; issued 19.2M, or 50k each. 9. Proposed dividend is 5k per share. 10. The directors decided to transfer N250,000 to general reserve 11. Assume a company's tax rate of 30% and withholding tax rate at 10%. You are required to prepare for publication the necessary statements with notes to the accounts. Question 1 Toplink whose line of business is general merchandising makes up account to 31st March every year. Its final balances as at 31/3/2018 are as shown below; CR N'000 Dr N'000 1,000 9,500 6,500 5,000 600 3,300 2,500 10,300 53,840 28,500 900 1,890 Goodwill Land & Building Plant & Machinery Fixtures & Fittings Provisions for Dep: Land & Building Plant & Machinery Fixtures & Fittings Long term Investment Sales Purchases Salaries & Wages: Distribution Administration Creditors due within 1 year: Trade Creditors Other Creditors Bank Overdraft Trade Debtors Bank & Cash Stock 1/4/97 Share Capital Share Premium P&L General Reserve Provision for Staff Pension Interest on Short-term Bank Overdraft Uninsured fire loss Income Tax Interim dividend paid Income tax 1/4/97 Other selling and distribution exp Other Administration 4,236 1,800 480 5,150 3,086 5,600 9,600 300 1,271 210 390 30 176 85 250 1,800 2,600 890 300 exp Commission received Auditors remuneration Motor Vehicle Provision for Depreciation Creditors due after 1 370 1,800 900 year: 5% unsecured stock 2019/2020 loan 1,500 1,800 900 Auditors remuneration Motor Vehicle Provision for Depreciation Creditors due after 1 year: 5% unsecured loan stock 2019/2020 Bank Loan Other creditors 1,500 160 440 83,627 83,627 The following additional information is relevant; 1. Taxation for the current year including under provision in previous year (N85,000,000) is N2,580,000.00 2. Stock as at closing dates is N3,754,000. 3. The 5% unsecured loan stock was obtained on 31/3/2016 4. Depreciation on fixed assets has always been provided at the following rates on cost: a. Land & Building 2% b. Plant & Machinery 15% c. Motor Vehicle 25% d. Fixtures & Fittings 20% Depreciation is generally regarded as administration expenses, but depreciation of motor vehicle as distribution cost. 5. The income tax debit in trial balance relates to under provision in previous year paid during the year. 6. Addition o fixed assets during the year were Plant & Machinery N50m Fixtures & Fittings N60m. 7. The goodwill has been acquired for a valuable consideration during the year and should be treated in line with CAMA 1990, the directors having no objection. 8. Share capital comprises of Authorised 20M; issued 19.2M, or 50k each. 9. Proposed dividend is 5k per share. 10. The directors decided to transfer N250,000 to general reserve 11. Assume a company's tax rate of 30% and withholding tax rate at 10%. You are required to prepare for publication the necessary statements with notes to the accounts. Toplink whose line of business is general merchandising makes up account to 31st March every year. Its final balances as at 31/3/2018 are as shown below; CR N'000 Dr N'000 1,000 9,500 6,500 5,000 600 3,300 2,500 10,300 53,840 28,500 900 1,890 4,236 1,800 480 5,150 3,086 5,600 Goodwill Land & Building Plant & Machinery Fixtures & Fittings Provisions for Dep: Land & Building Plant & Machinery Fixtures & Fittings Long term Investment Sales Purchases Salaries & Wages: Distribution Administration Creditors due within 1 year: Trade Creditors Other Creditors Bank Overdraft Trade Debtors Bank & Cash Stock 1/4/97 Share Capital Share Premium P&L General Reserve Provision for Staff Pension Interest on Short-term Bank Overdraft Uninsured fire loss Income Tax Interim dividend paid Income tax 1/4/97 Other selling and distribution exp Other Administration exp Commission received Auditors remuneration Motor Vehicle Provision for Depreciation Creditors due after 1 year: 5% unsecured loan stock 2019/2020 Bank Loan Other creditors 9,600 300 1,271 210 390 30 176 85 250 1,800 2,600 890 300 370 1,800 900 1,500 160 440 83,627 83,627 The following additional information is relevant; 1. Taxation for the current year including under provision in previous year (N85,000,000) is N2,580,000.00 2. Stock as at closing dates is N3,754,000. 3. The 5% unsecured loan stock was obtained on 31/3/2016 4. Depreciation on fixed assets has always been provided at the following rates on cost: a. Land & Building 2% b. Plant & Machinery 15% c. Motor Vehicle 25% d. Fixtures & Fittings 20% Depreciation is generally regarded as administration expenses, but depreciation of motor vehicle as distribution cost. 5. The income tax debit in trial balance relates to under provision in previous year paid during the year. 6. Addition o fixed assets during the year were Plant & Machinery N50m Fixtures & Fittings N6Om. 7. The goodwill has been acquired for a valuable consideration during the year and should be treated in line with CAMA 1990, the directors having no objection. 8. Share capital comprises of Authorised 20M; issued 19.2M, or 50k each. 9. Proposed dividend is 5k per share. 10. The directors decided to transfer N250,000 to general reserve 11. Assume a company's tax rate of 30% and withholding tax rate at 10%. You are required to prepare for publication the necessary statements with notes to the accounts