PFS - LO1 LTD Company Accounts - Questions 2021

F7JT 34
PFS – Ltd Company Accounts

Questions
F7JT 34
8 Gallowgate PLC
The following Trial Balance of Gallowgate Plc. has been prepared at 31 January 2017. You
are required to produce an Income Statement for the year ended 31 January 2017 and a
Statement of Financial Position, Statement of changes in Equity as at that date. (Relevant
working notes should be submitted).
£000 £000
General Expenses 680
Bank 25
10% Debentures 200
Salaries 50
Investments 200
Short Term Investment 10
Trade Receivables 340
Turnover 4200
Plant and Machinery (at cost) 600
Plant and Machinery (accumulated depreciation) 160
Motor Vehicles (at cost) 120
Motor Vehicles (accumulated depreciation) 40
Goodwill 250
Investment income received 12
Gain on sale of asset 30
Purchases 2400
Inventory 1 February 2016 200
Ordinary Share Capital (£1 share ) 600
5% Preference Share Capital (£1 shares) 200
Provision for Bad Debts 12
Trade Payables 180
Administration expenses 320
Selling and Distribution expenses 539
Retained Profit 1 February 2016 100
5734 5734
Additional Information
1 Inventory at 31 January 2017 £320,000
2 Expenses Outstanding Admin Expense £5,000

Salaries £4,000
3 Prepaid Expense Selling and Distribution £2,000
4 Depreciation Plant and Machinery 10% straight line

Motor Vehicles 20% reducing balance
5 Corporation tax for the year estimated to be £84,000
6 Provision for bad Debts to be adjusted to 5% of Trade Receivables after writing off
£20,000 of bad debts
7 Debenture interest has not yet been paid
8 The directors propose to transfer £20,000 to a General Reserve, provide for the preference
dividend to be paid and a proposed final ordinary dividend of 8p per share
F7JT 34
9 Gordon PLC
The following Trial Balance of Gordon Plc. has been prepared at 30 June 2017. You are
required to produce an Income Statement for the year ended 30 June 2017 and a Statement
of Financial Position, a Statement of changes in Equity as at that date. (Relevant working
notes should be submitted).
£000 £000
Sundry Expenses 220
Bank 450
6% Debentures 250
Salesman Salaries 125
Investment Property 250
Short Term Investment 120
Sales 5129
Fixtures and Fittings (at cost) 780
Fixtures and Fittings (accumulated depreciation) 140
Patent and copyright 348
Investment income received 6
Purchases 3274
Ordinary Share Capital (£0.25 share ) 500
5% Preference Share Capital (£0.50 shares) 400
Trade Payables 784
Rent Rates and Power 238
Building maintenance 185
Retained Profit 1 July 2016 674
8580 8580
1 Inventory at 30 June 2017 £415,000
2 Expenses Outstanding Rent Expense £6,000

Salesman commission £4,000
3 Prepaid Expense Rate £2,000
4 Depreciation Plant and Machinery 10% reducing balance

Fixtures and Fittings 15% straight line
8 The directors propose to transfer £17,000 to a General Reserve, provide for the preference
dividend to be paid and a proposed final ordinary dividend of 3p per share
F7JT 34
10 Balgownie PLC
The following Trial Balance of Balgownie Plc. has been prepared at 31 January 2017. You
are required to produce an Income Statement for the year ended 31 January 2017 and a
Statement of Financial Position, a Statement of changes in Equity as at that date. (Relevant
working notes should be submitted).
£000 £000
Transport Expenses 324
Bank 546
12% Debentures 1500
Directors Remuneration 128
Shares in M & S 189
Hire of Equipment 17
Turnover 11442
Land & Buildings 3500
Patents 862
Patent royalties received 18
Purchases 5590
Rent & rates 475
Wages and Salaries 1240
Trade Payables 690
Retained Profit 1 February 2016 2459
20060 20060
1 Inventory at 31 January 2017 £820,000
2 Expenses Outstanding Directors bonus £12,000

Marketing Expenses £14,000
3 Prepaid Expense Rates £20,000

8 The directors propose to transfer £150,000 to a General Reserve, provide for the
preference dividend to be paid and a proposed final ordinary dividend of 6p per share
F7JT 34
11 Towerblock PLC
The following Trial Balance of Towerblock Plc. has been prepared at 31 December 2017.
You are required to produce an Income Statement for the year ended 31 December 2017
and a Statement of Financial Position, a Statement of changes in Equity as at that date.
(Relevant working notes should be submitted).
£000 £000
Directors fees 192
Bank 819
8% Debentures 2250
Short term Investment 114
Hire of Equipment 25
Shares in ABC plc. 284
Sales 17163
Premises 5250
Goodwill 1300
Commission received 22
Purchases 8385
Rent & rates 712
Wages and Salaries 1860
Trade Payables 1030
General Expense 486
Retained Profit 1 January 2016 3703
30097 30097
1 Inventory at 31 December 2017 £1,230,000
2 Expenses Outstanding Directors salary £18,000
Selling Expenses £11,000
3 Prepaid Expense Rates £30,000


8 The directors propose to transfer £225,000 to a General Reserve, provide for the
preference dividend to be paid and a final ordinary dividend of 5p per share

PFS - LO1 LTD Company Accounts - Questions 2021

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PFS - LO1 LTD Company Accounts - Questions 2021

Uploaded by

Copyright:

Available Formats

F7JT 34

PFS – Ltd Company Accounts

1 Inventory at 31 January 2017 £320,000

2 Expenses Outstanding Admin Expense £5,000

3 Prepaid Expense Selling and Distribution £2,000

4 Depreciation Plant and Machinery 10% straight line

5 Corporation tax for the year estimated to be £84,000

7 Debenture interest has not yet been paid

1 Inventory at 30 June 2017 £415,000

2 Expenses Outstanding Rent Expense £6,000

3 Prepaid Expense Rate £2,000

4 Depreciation Plant and Machinery 10% reducing balance

5 Corporation tax for the year estimated to be £223,000

7 Debenture interest has not yet been paid

2 Expenses Outstanding Directors bonus £12,000

3 Prepaid Expense Rates £20,000

4 Depreciation Plant and Machinery 20% straight line

5 Corporation tax for the year estimated to be £345,000

7 Debenture interest has not yet been paid

2 Expenses Outstanding Directors salary £18,000

Selling Expenses £11,000

3 Prepaid Expense Rates £30,000

4 Depreciation Plant and Machinery 20% straight line

5 Corporation tax for the year estimated to be £517,500

7 Debenture interest has not yet been paid

You might also like