TWILIGHT LTD
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The following balances were extracted from the accounting records of Twilight Ltd
Trial Balance as at 31 March 2017
DR CR
Revenue 940,000
Purchases 472,000
Inventory, 01 April 2016 125,000
Salaries and wages 64,000
Directors’ remuneration 10,000
Audit fees 4,000
Heat and light 28,000
Debenture Interest 10,000
Interim dividend paid 150,000
Communications expenses 20,000
Building at cost 500,000
Building – accumulated depreciation 01 Apr 2016 5 0,000
Fixtures and fittings at cost 100,000
Fixtures and fittings – accumulated depreciation, 01 Apr 2016 20,000
10% Debentures – 2020 200,000
Ordinary share capital (fully paid) 1,000,000
Trade payables 80,000
Trade receivables 120,000
Bank 467,000
Retained earnings 146,000
Share premium account 180,000
General reserve 25,000
Long-term investments 571,000
2,641,000 2,641,000
The following additional information at 31 March 2017 should be taken into account:
(i) Inventory was valued at £127,000
(ii) Audit fees of £1,000 were outstanding
(iii) The outstanding debenture interest is to be provided for
(iv) Depreciation is to charged on buildings at 5% on the straight line basis and on
fixtures and fittings at 20% on the reducing balance basis
(v) The directors decided to transfer £50,000 to the general reserve account
Required:
Prepare for Twilight Ltd:
(a) the statement of profit or loss for the year ended 31 March 2017
(b) the statement of changes in equity for the year ended 31 March 2017
(c ) the statement of financial position for the year ended 31 March 2017
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