Question 3 Millsborough Limited list of balances year ended December 31,2012 ...

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Accounting

Question 3
Millsborough Limited list of balances year ended December 31,2012
15% Preference Share Capital
Ordinary Share Capital
General Reserves
20% Debentures
Retained Profits January 1,2012
Sales
Cost of Sales
Debenture Interest paid for 2012
Salaries
Insurance
Utilities
Office Supplies Expense
Rental Income
Depreciation
Telephone Expenses
Furniture
Allowance for depreciation on Furniture
Trade Debtors
Cash & Bank
Closing Stock
Trade Creditors
Preference Dividends Paid
Ordinary Dividends paid
Rent expense
$
100,000
100,000
16,000
100,000
140,202
1,000,000
686,460
7,500
136,250
13,265
21,853
222
3,900
3,000
2,000
70,000
40,000
136,270
106,480
277,002
17,200
15,000
20,000
22,000
Additional information
1 Rent expense owing as at December 31,2012$2,000
2 Rental income for 2013 received in 2012 amounted to $300
3 Prepaid insurance during 2012 amounted to $2,400
4 Provide for Corporation tax of $28,602 for 2012
5 Transfer $2,000 to general reserve.
6 Weighted average number of ordinary shares in issue during 2012 amounted to 50,000
Semester 12013/2014
8
Required:
I Prepare the Statement of Comprehensive Income for the year ended December 31,2012.
(19 marks)
Prepare the Statement of Changes in Equity for the year ended December 31,2012.(11 marks)
I Prepare the Statement of Financial Position as at December 31,2012.(10 marks)
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