Type or paste question here Question You have been asked to help prepare the financial statements of CCC Ltd for the period ended 30 09 2019 A trial balance as at 30 09 2019 is shown below Items JD (000,) Dr JD (000,) Cr Sales 60500 Purchases 30300 Property, plant and equipment 59800 Property, plant and equipment accumulated depreciation 25500 Inventories as at 01 01 2019 8300 Interest 500 Accruals 500 Distribution costs 7500 Administrative expenses 11100 Electricity and water expenses 8000 Retained earnings as at 01 01 2019 25000 Trade receivables 10000 Trade payables 2500 Cash in bank 500 10 bank loan repayable 2025 7000 Share capital 10000 Share premium 5000 Total 136000 136000 The following further information is available The share capital of the company consists of ordinary shares with a nominal value of JD 1 each No dividends are to be paid for the current year The sales figure in the trial balance includes sales made on credit for October 2019 amounting to JD 2,500,000 The inventories at the close of business on 30 09 2019 cost JD 8,700,000 Included in this figure are inventories that cost JD 700,000 but which can be sold for only JD 200,000 Transport costs of JD 250,000 relating to the period are not included in the trial balance as the invoice was received after the end of the period Not all interest on the bank loan cost has been included in the trial balance The corporation tax charge for the year has been calculated as JD 230,000 Draft the statement of comprehensive income of CCC Ltd for the year to 30 09 2019 and a statement of financial position at that date Note January 1 is the first day of the year

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 03, 2024

Type or paste question here Question: You have been asked to help prepare the financial statements of CCC Ltd for the period ended 30 09

Type or paste question here

Question: You have been asked to help prepare the financial statements of CCC Ltd for the period ended 30 09 - 2019 . A trial balance as at 30 -09- 2019 is shown below.

Items	JD (000,) Dr	JD (000,) Cr
Sales		60500
Purchases	30300
Property, plant and equipment	59800
Property, plant and equipment - accumulated depreciation		25500
Inventories as at 01 -01- 2019	8300
Interest	500
Accruals		500
Distribution costs	7500
Administrative expenses	11100
Electricity and water expenses	8000
Retained earnings as at 01 -01- 2019		25000
Trade receivables	10000
Trade payables		2500
Cash in bank	500
10% bank loan repayable 2025		7000
Share capital		10000
Share premium		5000
Total	136000	136000

The following further information is available:

The share capital of the company consists of ordinary shares with a nominal value of JD 1 each.
No dividends are to be paid for the current year.
The sales figure in the trial balance includes sales made on credit for October 2019 amounting to JD 2,500,000.
The inventories at the close of business on 30 - 09 - 2019 cost JD 8,700,000. Included in this figure are inventories that cost JD 700,000 but which can be sold for only JD 200,000.
Transport costs of JD 250,000 relating to the period are not included in the trial balance as the invoice was received after the end of the period.
Not all interest on the bank loan cost has been included in the trial balance.
The corporation tax charge for the year has been calculated as JD 230,000.

Draft the statement of comprehensive income of CCC Ltd for the year to 30 -09- 2019 and a statement of financial position at that date. Note: January 1 is the first day of the year.