Scribd Logo
Upload

Welcome to Scribd!

  • 4 views

    Lecture 4 - Haz Plc Q for BBD

    Uploaded by

    wenhanju1214

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Lecture 4 - Haz Plc Q for BBD

    Uploaded by

    wenhanju1214
    4 views2 pages

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views2 pages

    Lecture 4 - Haz Plc Q for BBD

    Uploaded by

    wenhanju1214

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BMAN21020 Semester 1 Lecture 4

    Haz Ltd Trial Balance and Preparation of Accounts

    The following is the trial balance for Haz plc, from which you are to prepare the
    Statement of Financial Position (SoFP), Statement of Comprehensive Income
    (SOCI), Statement of Changes in Equity (SOCE) and a note for Non-Current Assets
    for the year ended December 2023.

    Dr Cr
    Trial Balance for Haz Ltd, 31-December 2023
    £ £
    Sales 120,000
    Returns from customers 1,150
    Inventory on 1st January 2023 32,295
    Purchases 66,350
    Carriage on goods in 240
    Wages 6,160
    Rent 5,870
    Discount 1,246
    Interest Paid 2,000
    Directors’ Remuneration 5,000
    Profit brought forward: 1-Jan-23 3,814
    Land at Cost 10,000
    Building at Cost 150,000
    Depreciation on Building: 1-Jan-23 30,000
    Equipment at cost 35,000
    Depreciation on Equipment: 1-Jan-23 8,400
    Motor vehicles at cost 30,000
    Depreciation on Motor Vehicles: 1-Jan-23 12,000
    Trade Receivables 33,390
    Bank 3,643
    Cash 180
    Trade Payables 12,310
    10% Debenture 20,000
    £1 Ordinary Share capital at 31 Dec-23 100,000
    10% £1 Preference Share Capital 20,000
    Share Premium at 31 Dec-23 40,000
    Non-Current Asset Reserve: 1-Jan-23 10,000
    General Reserve: 1-Jan-23 6,000
    382,524 382,524
    BMAN21020 Semester 1 Lecture 4

    The following additional information is provided:

    1) The Inventory at 31 December 2023 was £49,371.


    2) There were £4,200 outstanding wages at the year end.
    3) Equipment is depreciated at 10% on a straight line basis.
    4) Depreciation on motor vehicles is charged on the reducing balance method
    using a rate of 40%
    5) The building, which had a useful life of 50 years (and no residual value)
    when bought on 1-Jan 2013, was revalued at the start of the year to
    £200,000. There is no change in estimated useful life or residual value.
    Depreciation is on a straight line basis.
    6) The directors have decided to transfer £2,000 to the general reserve and
    £1,000 to the fixed asset reserve.
    7) The directors have proposed a £10,000 ordinary dividend; in addition, the
    preference share dividends are also outstanding.
    8) Shares were issued during the year under a rights issue of 1 for 4 at £3 per
    share. At 1-Jan-23 the Share capital was 80,000 shares, and the share
    premium account had a nil balance. The rights issue has been properly
    accounted for in the trial balance.
    9) Tax Payable for the year of £5,200 is to be accrued.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy