Following is the trial balance of Xemco for the year ending 30 September 2013.
$'000 | $'000 | |
Revenue | 215,000 | |
Cost of sales | 134,000 | |
Contract to construct asset | 4,000 | |
Distribution costs | 13,500 | |
Administrative expenses | 16,500 | |
Bank interest | 900 | |
Dividend | 2,000 | |
Land ($12 million) and building ($48 million) at cost (note (i)) | 60,000 | |
Owned plant and equipment at cost (note (i)) | 65,700 | |
Leased plant at initial carrying amount (note (i)) | 35,000 | |
Accumulated depreciation at 1 October 2012: | ||
building | 10,000 | |
owned plant and equipment | 17,700 | |
leased plant | 7,000 | |
Inventory at 30 September 2013 | 26,600 | |
Trade receivables | 38,500 | |
Bank | 5,300 | |
Trade payables | 21,300 | |
Equity shares of 20 cents each | 45,800 | |
Share premium | 3,200 | |
Loan note | 40,000 | |
Retained earnings at 1 October 2012 | 31,400 | |
––––––– | ––––––– | |
396,700 | 396,700 | |
––––––– | ––––––– |
NOTES:
(i) No depreciation has been charged on the property plant and equipment for the year. Building should be depreciated using 20 years life on the original cost. Owned plant should be depreciated using 20% reducing balance method and leased plant should be depreciated using 10 years life on the initial carrying amount. Depreciation is charged in Cost of goods sold.
(ii) Estimated tax for the year is $200,000
Requirements:
Prepare a statement of comprehensive income for the year ending 30 September 2013 and a statement of financial position for Xemco group as at 30 September 2013
Marks: 10
Answers submitted
Created by | Ref | Marking | Action |
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9442 |
10 | ||
8604 |
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8538 |
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8542 |
10 | ||
8544 |
10 | ||
4665 |
10 | ||
4479 |
10 | ||
4473 |
10 | ||
4471 |
10 | ||
4475 |
10 | ||
4469 |
10 | ||
4465 |
10 | ||
4461 |
10 | ||
4477 |
10 | ||
4481 |
10 | ||
4467 |
10 | ||
4459 |
10 |