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    Phoniex University
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Category > Management Posted 26 Oct 2017 My Price 8.00

records of Arling- ton

1.       The following balances were extracted from the accounting records of Arling- ton SA as at 31 December 20X1:

 

                                                        Text Box: 100 000 ordinary shares 100 000 10% preference shares 50 000 12% debenture 50 000 Premises 130 000 Motor vehicles (gross cost €48 000) 36 000 Purchases 219 700 Administration expenses 73 200 Distribution costs 102 600 Sales 476 900 Receivables 39 250 Trade payables 23 600 Inventory at 1 January 20X1 21 250 Bank balance (asset) 70 420 Investments at cost 45 800 Reserves 48 220 Debenture interest 3 000 Preference dividend 2 500 Ordinary dividend 5 000

 

You are required to draw up a statement of profit or loss and a statement of financial position for the company as at 31 December 20X1, after tak- ing into account the following adjustments (note that expenses have been analyzed by function, not by type, in this example):

(a)     The closing inventory (31 December 20X1) was valued at €19300.

(b)     Preference and ordinary dividends were paid halfway through the year, as well as debenture interest, but an accrual should be made for the balance of the debenture interest for the year. The company proposes a final dividend of €8000 on ordinary shares.

(c)     The audit fee has been agreed at €5000.

(d)    Insurance (included in administrative expenses) has been paid in advance and €950 relates to 20X2.

 

 

(e)     There are accrued expenses of €480 for telephone (included in administration) and €620 for light and heat (distribution).

(f)      The receivables balance includes €1200 of bad debts which should be written off.

(g)     Depreciation of 25 per cent on a straight-line basis should be charged on the motor vehicles (which are vans used in distribution).

(h)    The market value of the investments at 31 December 20X1 amounts to

€44 100.

(i)      It is estimated that the tax charge for 20X1 will be €20 000.

 

(Comment: This question is presented in an unhelpful way! You should reor- ganize the information from the database onto a spreadsheet in a way with which you are comfortable and then deal with the adjustments. You will not have come across one or two adjustments, and should just suggest a way of dealing with them based on what you know so far.)

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Maurice Tutor
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Status NEW Posted 26 Oct 2017 11:10 AM My Price 8.00

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