DFS question!
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Hi my teacher did not give us the workbook answers to Drafting Financial statements .I have done the homework question and I want to check if my answer is correct. Could anyone answer the prepare the income statement and balance sheet for the following question? because im not sure what to with the some figures. All help is very much appreciated.
The following trial balance has been extracted from the books of Rafter plc for the year to 31 March 2001:
Dr Cr
(£) (£)
Administrative expenses 1300
Advertising expenses 10
Authorised and isued share capital:
ordinary shares of £1 each 500
Bad debts written off 50
Cas and cash equivalents 400
10% Debenture Loan 2000
Debenture interest
(to 30 September 2000) 100
Trade receivables & Trade payments 1500 2300
Share premium account 185
Directors' fees 350
Distribution costs 570
Non-current assets: at cost 6000
accumulated depreciation
(at 1 April 2000) 800
General expenses 80
Interim dividend paid on
1 October 2000 40
Purchases 5600
Retained earnings (at 1 April 2000) 435
Rent, rates, and insurance 630
Revenue 11810
Inventories ( at 1 April 2000) 1400
TOTAL 18030 18030
Additional information
1 Inventories at 31 March 2001 are valued at £1200
2 The non-current assets are to be depreciated at a rate of 10% per annum on cost.
3 After the preparation of the above trial balance , it was discovered that £70 was owing for rent and rates, and £50 had been paid in advance for insurance.
4 The tax liabilities based on the profits for the year are £120
5 The remaining debenture interest due in the year is to be accrued.
REQUIRED
Prepare the financial statements of Rafter plc for the year ended 31 March 2001
[img][/img]
The following trial balance has been extracted from the books of Rafter plc for the year to 31 March 2001:
Dr Cr
(£) (£)
Administrative expenses 1300
Advertising expenses 10
Authorised and isued share capital:
ordinary shares of £1 each 500
Bad debts written off 50
Cas and cash equivalents 400
10% Debenture Loan 2000
Debenture interest
(to 30 September 2000) 100
Trade receivables & Trade payments 1500 2300
Share premium account 185
Directors' fees 350
Distribution costs 570
Non-current assets: at cost 6000
accumulated depreciation
(at 1 April 2000) 800
General expenses 80
Interim dividend paid on
1 October 2000 40
Purchases 5600
Retained earnings (at 1 April 2000) 435
Rent, rates, and insurance 630
Revenue 11810
Inventories ( at 1 April 2000) 1400
TOTAL 18030 18030
Additional information
1 Inventories at 31 March 2001 are valued at £1200
2 The non-current assets are to be depreciated at a rate of 10% per annum on cost.
3 After the preparation of the above trial balance , it was discovered that £70 was owing for rent and rates, and £50 had been paid in advance for insurance.
4 The tax liabilities based on the profits for the year are £120
5 The remaining debenture interest due in the year is to be accrued.
REQUIRED
Prepare the financial statements of Rafter plc for the year ended 31 March 2001
[img][/img]
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Comments
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Re:DFS question!
Rather than a contributor answering the full question (which would be time-consuming), perhaps you could indicate which figures you are having difficulty with.
Kind regards
Steve0