question archive The following trial balance has been extracted from the books of Groove Tech Ltd as at March 31, 2020
The following trial balance has been extracted from the books of Groove Tech Ltd as at March 31, 2020
Subject:AccountingPrice: Bought3
The following trial balance has been extracted from the books of Groove Tech Ltd as at March 31, 2020. P'000 P'000 Administrative expenses 210 Called up share capital (Ordinary shares of P1.00 fully paid) 600 Accounts receivable 470 Corporation tax (overprovision in 2019) 25 Deferred Taxation (at April 1, 2019) Distribution Costs 420 Gain on sale of non-current assets 60 Non-current asset investments 560 Investment income 72 Plant and Machinery: at cost 750 Accumulated depreciation (March 31, 2020) 220 Retained Profits 182 Purchases 960 Inventory (April 1, 2019) 140 Trade accounts payable 261 Revenue Cash at Bank 40 3 550 3 550 Additional Information: 1. Inventory at March 31, 2020 was valued at P150 000. 2. The following items are already in the balances listed in the above trial balance: Distribution costs Administrative costs P P Depreciation 27 5 Hire of plant and machinery 20 15 Auditor's remuneration 30 Directors 45 3. The corporation tax charge based on the profits for the year is estimated to be P52 000. 4. A transfer of P16 000 is to be made to the credit of the deferred taxation account. 5. The gain made on the disposal of a non-current asset is related to a factory in neighboring country following the closure of the company's entire operation there. 6. The company's authorised share capital consists of 1 000 000 ordinary shares of P1.00 each. 7. A final ordinary dividend payment of 50t per share is proposed. Required a) Statement of comprehensive income for the year ended March 31, 2020. 13 marks b) Statement of changes in Equity for the period ended March 31, 2020. (5 marks c) Statement of Financial Position as at March 31, 2020. 11 marks 13 oreng baru 2 fard ca SO
