The following information is available about the balances and transactions of Alpaca, a limited liability company.
Balances at 30 April 2001$
Non-current assets – cost1,000,000Non-current assets– accumulated depreciation230,000Inventories410,000Receivables380,000Cash at bank87,000Payables219,000Issued share capital – ordinary shares of $1 each400,000Accumulated profits818,00010% Loan notes200,000Loan note interest owing10,000
Transactions during year ended 30 April 2002:$
Sales revenue4,006,000Purchases2,120,000Expenses1,640,000Interest on loan notes paid during year20,000Issue of 100,000 $1 ordinary shares at a premium of 50c per shareThere were no purchases or sales of non-current assets during the year.Adjustments at 30 April 2002(1)Depreciation of $100,000 is to be allowed for.(2)Receivables totalling $20,000 are to be written off.Balances at 30 April 2002
writing off debts shown above)690,000(3)Cash at bank114,000(4)Trade payables180,000
Required:Prepare the balance sheet of Alpaca as at 30 April 2002 using the format in IAS 1 Presentation of FinancialStatements as far as the information available allows.Note: No formal income statement is required, but your answer should include a working showing yourcomputation of the accumulated profit figure in the balance sheet. This working carries 4 of the 11 marksavailable in all.(11 marks)