In: Finance
Which of these accounts information are used for profit and loss summary and which information is used for balance sheets.
The adjusted trial balance of Timber Ltd as at 30 June 2017 is as follows: |
||
Timber Ltd |
Debit |
Credit |
$ |
$ |
|
Account names |
||
5% debentures – due 30/11/2017(secured over inventories) |
60,000 |
|
Accounts payable |
447,000 |
|
Accounts receivable |
850,000 |
|
Accumulated amortisation – patents & trademarks |
45,000 |
|
Accumulated depreciation - |
||
Accumulated impairment loss – goodwill |
210,000 |
|
Administrative staff salaries expense |
590,000 |
|
Advertising expense |
70,000 |
|
Allowance for doubtful debts |
71,500 |
|
Asset Revaluation Reserve - Held to maturity investment (revaluation increment on 30/06/2017 after tax deduction) |
21,000 |
|
Asset Revaluation Reserve - Land (revaluation increment on 30 June 2017 - after tax deduction) |
168,000 |
|
Bank loan (unsecured –long-term repayable amount) |
210,000 |
|
Bank loan (unsecured –short-term repayable due) |
90,000 |
|
Buildings |
90,000 |
|
Buildings |
1,100,000 |
|
Carrying amount of plant and machinery sold |
24,000 |
|
Cash at bank |
800,000 |
|
Cost of sales |
2,924,000 |
|
Current tax liabilities |
141,000 |
|
Debentures held in Rome Ltd (mature on 30/4/2018) |
714,000 |
|
Deferred tax asset |
190,000 |
|
Deferred tax liability |
103,000 |
|
Deposits at call |
100,000 |
|
Dividends receivable |
8,000 |
|
Dividends revenue |
68,000 |
|
Final dividend declared – ord |
145,360 |
|
Final dividend declared - pref |
45,300 |
|
Final dividend payable |
190,660 |
|
Fixtures & fittings |
97,000 |
|
Fixtures & fittings - at cost |
243,520 |
|
Freight inwards |
90,000 |
|
Freight outwards |
115,000 |
|
General reserve |
780,000 |
|
Goodwill |
832,000 |
|
Held to maturity investment (at fair value) |
145,000 |
|
Income tax expense |
401,000 |
|
Interest expense |
74,000 |
|
Interest payable |
19,000 |
|
Interest revenue |
30,000 |
|
Interim dividend paid - ord |
109,020 |
|
Inventories |
1,850,000 |
|
Land (at fair value) |
1,476,000 |
|
Loan to Jets Ltd (due on 30/6/2025) |
420,000 |
|
Mortgage loan (secured over land and buildings – due 30/9/2022) |
504,000 |
|
Ordinary shares, fully paid |
3,634,000 |
|
Other administrative expense |
360,000 |
|
Other expenses |
137,000 |
|
Other selling expense |
220,000 |
|
Patents and trademarks |
145,000 |
|
Plant & machinery |
226,000 |
|
Plant & machinery - at cost |
884,000 |
|
Preference shares, fully paid |
226,500 |
|
Prepayments |
50,000 |
|
Proceeds on sale of plant and machinery |
50,000 |
|
Provision for annual leave |
62,000 |
|
Provision for long service leave - long term liable |
134,000 |
|
Provision for long service leave -short term liable |
85,000 |
|
Retained earnings as at 1/7/2016 |
850,000 |
|
Sales returns |
32,000 |
|
Sales revenue |
6,968,340 |
|
Sales staff salaries and commission expense |
750,000 |
|
Sundry revenue |
46,200 |
|
Total Asset revaluation reserve as at 1/7/2016 |
364,000 |
|
Transfer to general reserve |
60,000 |
|
Underwriting commission and other share issue costs |
37,000 |
|
Total |
15,991,200 |
15,991,200 |
Solution
Particulars | Use in Profit and Loss Statement | Use in Balance sheet |
5% Debentures - due 30/11/2017(secured over inventories) | Yes | |
Account Payable | Yes | |
Account Receivable | Yes | |
Accumulated Amortisation - Patent and Trademark | Yes | |
Accumulated Depreciation - Building | Yes | |
Accumulated Impairment loss - Goodwill | Yes | |
Administrative Staff salary expenses | Yes | |
Advertising expenses | Yea | |
Allowance for doubtful debts | Yes | |
Asset Revaluation Reserve - Held to maturity investment (revaluation increment on 30/06/2017 after tax deduction) | Yes | |
Asset Revaluation Reserve - Land (revaluation increment on 30 June 2017 - after tax deduction) | Yes | |
Bank loan (unsecured –long-term repayable amount) | Yes | |
Bank loan (unsecured –short-term repayable due) | Yes | |
Buildings | Yes | |
Carrying amount of plant and machinery sold | Yes | |
Cash at bank | Yes | |
Cost of sales | Yes | |
Current Tax Liabilities | Yes | |
Debentures held in Rome Ltd (mature on 30/4/2018) | Yes | |
Deferred tax asset | Yes | |
Deferred tax liability | Yes | |
Deposits at call | Yes | |
Dividend Receivable | Yes | |
Dividend Revenue | Yes | |
Final dividend declared – ord | Yes | |
Final dividend declared – Pref | Yes | |
Final Dividend Payable | Yes | |
Fixture and Fitting at cost | Yes | |
Freight Inward | Yes | |
Freight Outward | Yes | |
General Reserve | Yes | |
Goodwill | Yes | |
Held to maturity investment (at fair value) | Yes | |
Interest expenses | Yes | |
Interest Payable | Yes | |
Interest revenue | Yes | |
Interim dividend paid - ord | Yes | |
Inventories | Yes | |
Land at fair value | Yes | |
Loan to Jets Ltd (due on 30/6/2025) | Yes | |
Mortgage loan (secured over land and buildings – due 30/9/2022) | Yes | |
Ordinary shares - Fully paid | Yes | |
Other administrative expenses | Yes | |
Other expenses | Yes | |
Other Selling expenses | Yes | |
Patents and Trademarks | Yes | |
Plant and Machinery at cost | Yes | |
Accumulated Depreciation - Plant and Machinery | Yes | |
Accumulated Depreciation - Fixtures and Fittings | Yes | |
Prepayments | Yes | |
Proceeds on sale of plant and Machinery | Yes | |
Provision for annual leave | Yes | |
Provision for long service leave - long term liable | Yes | |
Provision for long service leave - short term liable | Yes | |
Retained earnings as at 1/7/2016 | Yes | |
Sales Return | Yes | |
Sales Revenue | Yes | |
Sales staff salaries and commission expense | Yes | |
Sundrt Revenue | Yes | |
Total Asset revaluation reserve as at 1/7/2016 | Yes | |
Transfer to general reserve | Yes | |
Underwriting commission and other share issue costs | Yes | |