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6. You work as an accountant at the Asian food restaurant chain Wok This Way...

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Accounting

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6. You work as an accountant at the Asian food restaurant chain Wok This Way ltd, which is required to provide the Statement of Profit or Loss and the Statement of Financial Position for the year 20XY according to the IFRS. Use the trial balance and the additional notes below relative to the year 20XY to prepare the required accounts. Trial Ralance Additional notes (a) Stock in hand at the end of year 20XY is valued 16,000 at cost and 11,000 at net realisable value. (b) Tax payments for the current accounting period are due for a total of 14,000. (c) Rent includes a payment of 10,000 related to the next accounting period. (d) Depreciation for the current accounting period needs to be accounted for as follows: - Furniture - Life of 20 years from purchase. Straight line method. Scrap value 15,000. - Vehicles - Life 4 years from purchase. Reducing balance method. Scrap value 6,480. (e) Part of the Loan Capital will have to be repaid in the next accounting period. This amounts to a total of 10,000

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