80.2K

Verified Solution

Link Copied!

Apps YouTube M Gmail News Translate Maps Finish Timel 18,900 240,000 UG Moodle (2020/2021) Prot yet 0.2 answered The following balances have been extracted from the books of Bird-Brains Co. Ltd, as at Marked out of 30 September 2020 20.00 S Flag question Payables Sales revenue Land at cost 54,000 Buildings at cost 114,000 Furniture and fittings at cost 66,000 Bank credit balance) Accumulated depreciation Buildings Furniture and fittings Discounts received Accumulated profit at 1 Oct 2019 Allowance for doubtful debts Goodwill 49,200 Cash in hand 696 Inventory at 1 Oct 2019 42,744 Rent 6,372 Wages and salaries 24,000 Insurance 5,688 Returns inwards 1.116 General expenses 1,308 Receivables 37.920 Purchases 131,568 Loan interest 1,200 e m X 18,000 18,000 30,000 5,292 10,800 2448 o 0 odle (2020/2021) 2,028 Bad debts 5% bonds 6% $1 preference shares $1 ordinary shares General reserves Share premium Dividends paid: preference: half year to 30 September 2019 half year to 31 March 2020 ordinary year to 30 September 2019 48,000 60,000 60,000 30,000 3,000 1,800 1,800 3,000 544,440 544,440 Additional information: 1 inventory on hand at 30 September 2020: $46,638 2 insurance paid in advance: $300 3 wages owing: 5840 depreciation is to be provided at 10% on cost of buildings, and at 20% on the written down value of furniture and fittings allowance for doubtful debts is to be reduced to 5% of receivables 6 loan interest outstanding is $1,200 4 5 You are required to prepare a statement of comprehensive income, a statement of changes in equity for the year ended 30 September 2020 and a statement of financial position as at that date

Answer & Explanation Solved by verified expert

See Answer