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    Pricewell Single Entity Financial Statements

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    Big Smut
    Pricewell reported revenue of $66,400,000 for the year ended March 31, 20X9. Cost of sales was $255,100,000, resulting in a gross profit of $70,500,000. Profit before tax was $22,252,000. Total assets were $150,300,000, consisting of non-current assets of $100,000,000 and current assets of $50,300,000. Equity and liabilities included equity shares of $50,000,000 and retained earnings of $12,000,000, non-current liabilities of $10,000,000 and current liabilities of $78,300,000.

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    Pricewell Single Entity Financial Statements

    Uploaded by

    Big Smut
    23 views6 pages
    Pricewell reported revenue of $66,400,000 for the year ended March 31, 20X9. Cost of sales was $255,100,000, resulting in a gross profit of $70,500,000. Profit before tax was $22,252,000. Total assets were $150,300,000, consisting of non-current assets of $100,000,000 and current assets of $50,300,000. Equity and liabilities included equity shares of $50,000,000 and retained earnings of $12,000,000, non-current liabilities of $10,000,000 and current liabilities of $78,300,000.

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    Pricewell reported revenue of $66,400,000 for the year ended March 31, 20X9. Cost of sales was $255,100,000, resulting in a gross profit of $70,500,000. Profit before tax was $22,252,000. Total assets were $150,300,000, consisting of non-current assets of $100,000,000 and current assets of $50,300,000. Equity and liabilities included equity shares of $50,000,000 and retained earnings of $12,000,000, non-current liabilities of $10,000,000 and current liabilities of $78,300,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    23 views6 pages

    Pricewell Single Entity Financial Statements

    Uploaded by

    Big Smut
    Pricewell reported revenue of $66,400,000 for the year ended March 31, 20X9. Cost of sales was $255,100,000, resulting in a gross profit of $70,500,000. Profit before tax was $22,252,000. Total assets were $150,300,000, consisting of non-current assets of $100,000,000 and current assets of $50,300,000. Equity and liabilities included equity shares of $50,000,000 and retained earnings of $12,000,000, non-current liabilities of $10,000,000 and current liabilities of $78,300,000.

    Copyright:

    © All Rights Reserved
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    of 6

    PRICEWELL

    statement of profit or loss and other comprehensive income for the year ended 31 March 20X9
    Revenue
    Cost of sales
    Gross profit
    Distribution costs
    Administration expenses
    Finance costs
    Profit before tax
    Income tax expense ( refer to working 7 for 2800 )
    Profit for the year

    Pricewell – Statement of financial position as at 31 March 20X9


    Assets
    Non-Current assets
    property plant and equipment
    Current assets
    Inventory
    Trade receivables
    Contract asset
    Bank

    Total assets
    Equity and liabilities
    Equity shares of 50 cents each
    Retained earnings

    Non current liabilities


    Deferred tax
    Lease liability

    current liabilities
    Trade payables
    Lease liability
    Current tax payable
    $000 Workings 1
    $ 325,600.00 Contract with customer
    $ 255,100.00 Selling Price
    $ 70,500.00 Estimated cost to date
    19500 To complete
    27500 Plant
    1248 Estimated profit
    $ 22,252.00
    2400 Progress
    $ 19,852.00

    $000 $000 SOPL


    Revenue
    $ 66,400.00 Cost of sales
    Profit to date
    28200
    33100 SOFP
    $ 17,100.00 Costs to date
    5500 Profit to date
    83900 Payment from customer
    $ 150,300.00 Contract asset

    40000 WORKINGS 2
    55952
    95952
    SOCI
    5600
    5715.84 WORKINGS 3 COST OF SALES
    11315.84 Per question
    Contract (refer to working 1 )
    33400 Agency cost of sales ( refer to wrks 2 )
    5132.16 depreciation :leasehold property
    4500 43032.16 depreciation : owned plant
    150300 depreciation : right of use
    Surplus on revaluation of leasehold propery W4)

    WORKINGS 4 - NCA (PPE)

    Valuation/cost 1 April 20X8


    Depreciation 1 April 20X8

    Acquistion
    Depreciation charge

    Revaluation surplus
    Revaluation/carrying amount 31 March 20X9

    WORKING 5 LEASE LIABILITY


    Year to 31 March 20X9
    Year to 31 March 20X0

    finance cost to p/l


    NCL
    CL

    WORKING 6 RETAINED EARNINGS


    Balance at 1 April 20X8
    Profit for the year per SOPL
    Equity dividend paid per trial balance
    Balance at 31 March 20X9

    WORKING 7 DEFERRED TAXATION


    Provision required at 31 March 20X9
    Balance b/f per trial balance
    credit to tax expense
    $ 000

    $ 50,000
    $ 12,000
    $ 10,000
    $ 8,000
    $ 20,000

    $ 22,000
    $ 50,000
    0.44

    $ 22,000.00
    $ 13,200.00
    $ 8,800.00

    $ 14,000.00
    $ 8,800.00
    $ 5,700.00
    $ 17,100.00

    $ 8,000.00
    $ 1,600.00
    $ 6,400.00

    $ 000
    $ 234,500
    $ 13,200.00
    $ 6,400.00
    $ 1,800.00
    $ 8,500.00
    $ 5,000.00
    $ 1,500.00
    $ 255,100.00

    Leasehold property Owned Plant and equipment Right of use plant Specialist plant for contract
    $000 $000 $000 $000
    $ 25,200.00 46800 20000
    12800 5000
    34000
    8000
    $ 1,800.00 8500 5000 2000
    $ 23,400.00
    1500
    $ 24,900.00 25500 10000 6000

    Balance b/f Interest 8% Payment Balance c/f


    15600 1248 6000 10848
    10848 867.84 6000 5715.84

    1248
    5715.84
    5132.16

    44100
    19852
    8000
    55952

    5600
    8400
    -2800
    Total
    $000

    $ 66,400.00

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