Question
In: Accounting
Assume that you were recently hired at Lilo Plc as a junior accountant and were asked...
Assume that you were recently hired at Lilo Plc as a junior accountant and were asked to help prepare the financial reports for the year ended 31 December 2019. In addition, the head of the accounting department wanted to assess your knowledge about the financial statements, hence, requested you to prepare a report. The company’s trial balance is shown below, together with the guide on the format and content of the report:
Debit (£)
Credit (£)
Sales
72,813
Purchases
35,108
Inventories as at 1 January 2019
12,572
Dividend paid
1,600
Interest
700
Distribution costs
12,533
Administrative expenses
9,311
Trade receivables
9,122
Cash at bank
473
7% debentures
20,000
Ordinary share capital
10,000
Share premium
8,000
Retained earnings - 1 January 2019
17,349
Trade payables
2,927
Accruals
412
Property, plant and equipment at cost
71,338
Property, plant and equipment - accumulated depreciation
21,256
152,757
152,757
Further information:
The ordinary share capital of the company consists of ordinary shares with a nominal value of 25p. All of this has been issued.
The inventories at the end of the year have cost of £14,186 while the net realizable value is £16,145.
The corporation tax charge for the year has been calculated as £3,537.
Interest on debentures for the last 6 months of the year has not been included in the accounts in the trial balance.
Land included in property, land and equipment at a carrying value of £24,000 is to be revalued at the end of the year at £29,000.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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