The following trial balance was extracted (taken) from the books of Brussels Ltd, a furniturestore, on 31 December 2022. The authorised share capital is 350,000 ordinary shares at RIeach.Trial balance of Brussels Ltd as at 31 December 2022Dr(R)Turnover (cash sales)Cash purchasesImport dutyOpening stock 1/1/2022Loan interestWagesAdvertisingReservesMotor vehiclesEquipmentCashBank overdraftDebtors and creditorsDividends paid14% 40 year loanIssued share capital250 000 R1 ordinary shares160 0006.00014 0007.00016 80012 000END200 000230 0002.0006 00020 000673 800Cr(R)320 00018 0002 8003.00050 000280 000673 800(a) You are required to prepare (i) an income statement of Brussels Ltd for the year ending 31December 2022 and (ii) a statement of financial position as at that date.

Financial Statement comprises of Income Statement, Balance Sheet.Income Statement: It is a part of…

Answered: The following trial balance was…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)Additional…
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)23 2023© The…
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)23 2023c The…
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)23 2023© The…
The following trial balance was extracted from the book of Adiwarna Bhd on 31 December 2020: Item 7.2% preference shares Ordinary shares General reserve Retained profit Sales Inventory Purchases Salesman salaries Advertising Office salaries Office expenses Directors emolument Audit fees 10% Debenture Interim dividend - Preference dividend - Ordinary dividend Debenture interest Trade payables Tax paid Plant and machinery (Cost) Accumulated depreciation on plant and machinery Trade receivables Bank RM 100,000 300,000 100,000 45,000 100,000 55,000 25,000 5,000 7,200 25,200 10,000 35,000 1,540,000 90,000 102,600 2.540,000 RM 200,000 740,000 100,000 123,600 890,000 200,000 40,000 246,400 2,540,000
he information below relates to questions 1 – 16. The following information pertains to Honey Limited. Extract from ledger account balances as at 30 September: 2022 2021 R R Share capital: Ordinary shares 380 500 338 300 Share capital: Preference shares 291 000 264 700 Retained earnings 66 200 48 400 Long-term loan - ABC Bank 88 000 120 000 Land and buildings at cost 623 000 401 000 Machinery and equipment at carrying amount 262 300 222 700 Inventory 83 500 73 000 Trade receivables control 92 700 83 300 Listed investments 110 000 0 Bank 25 200 46 300 Trade payables control 66 500 52 600 SARS (income tax) 63 400 48 700 Dividends payable 46 200 62 000 Dividends receivable 0 0 Accrued expenses (wages) 0 11 400 Prepaid expenses 11 200 4 200 Revenue 805 800 Cost of sales 392 400 Administrative, distribution and other expenses 160 200 Fair value gain on listed investments 8 600 Dividends income 20 800 Loss on sale of machinery…
The following trial balance was extracted from the accounts of Blue Ltd as at 31 December 2019. Debit £ Credit £ Bank 25,000 Retained profit as at 1 January 2019 23,080 Cash at hand 3,500 Ordinary issued share capital 30000 Insurance 2,000 Directors Remuneration 17,580 5% loan notes 2032-2032 10000 Sales return outwards 3,500 Return inwards 3,000 Interim Dividend paid 8,500 Loan Interest Paid 500 Sundry expenses 3000 Carriage Inwards 2,500 Repairs and renewals 1200 Motor vehicles 15,000 carriage outwards 750 Accumulated depreciation on motor vehicles 2,850 Office Equipment at cost 20,000 Office Equipment: accumulated depreciation 8000 Allowance for trade receivables 1,000 Purchases 50,000…
You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financialstatements for the year ended 31 December 2023. You have been provided with the followingfinancial information for the year ended 31 December 2023:RandsOrdinary shares (5 200 000)Retained earnings at 1 January 2023 (850 000)Inventory at 1 January 2023 5 400 000Land at cost 3 600 000Buildings at cost 10 800 000Buildings accumulated depreciation at 1 January 2023 (2 700 000)Plant at cost 12 000 000Plant accumulated depreciation at 1 January 2023 (4 500 000)Motor vehicles at cost 4 000 000Motor vehicles accumulated depreciation at 1 January 2023 (1 400 000)Trade payables (10 800 000)Trade receivables 7 200 000Provision for credit losses at 1 January 2023 (300 000)Purchases 24 500 000Revenue (36 000 000)Administrative expenses 2 500 000Distribution expenses 2 900 000Other expenses 600 000Bank 1 300 0004% Redeemable Preference shares at R1 each (6 000 000)8% Loan (6 000 000)23 2023© The…
The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
he following is an extract from the trial balance of Tempo Ltd on 30 June 2022:£Land and buildings 114 000Equipment 210 000Investment (80 000 shares of £1 each in Rhythm Ltd at cost price) 650 000Inventory (30/6/2008 - £382 000) 418 000Trade receivables (30/6/2021 – £180 000) 206 000Cash and cash equivalents 92 000Share capital:Ordinary share capital including premium 450 000Preference share capital 200 000Retained earnings:Balance – beginning of year 160 000Retained profit for the year 40 00012% Long term loan 420 000Trade payables (30/6/2021 – £190 000) 210 000Tax payable 110 000Dividends payable 100 000Additional information:1. Issued share capital:- 400 000 ordinary shares of £1 each- 40 000 10% preference shares of £5 each.2. Gross profit for the year amounted to £1 344 000 and represents 40% of turnover for the year.3. All sales and all purchases are on credit.4. Income from investment for the year amounted to £24 000.5. The dividends payable represents the total amount of…
36.4 The following balances remained in the ledger of Lungox Ltd after preparation of the income statement for the year ended 31 December 2019: £000 Inventory Accounts receivable 138 166 Issued ordinary shares of £1 each 4% preference shares of £1 each Accounts payable 80 50 141 Balance at bank 18 General reserve Retained profits at 1 January 2019 Profit for year to 31 December 2019 Non-current assets at cost less accumulated 40 221 66 547 depreciation 5% loan notes, repayable 2029 Corporation tax payable Share premium 150 35 96 During the year the preference dividend for 2018 was paid in full, along with ordinary dividends amounting to 10 pence per share. The directors also wish to transfer £15,000 to general reserve. Required: (a) An extract from the Statement of Changes in Equity for the year ended 31 December 2019, showing the movement in general reserve and retained profits. (b) A balance sheet as at 31 December 2019.

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