| The adjusted trial balance of Timber Ltd as at 30 June 2017 is as follows: |
| Timber Ltd | Debit | Credit |
| | $ | $ |
| Account names | | |
| 5% debentures due 30/11/2017(secured over inventories) | | 60,000 |
| Accounts payable | | 447,000 |
| Accounts receivable | 850,000 | |
| Accumulated amortisation patents & trademarks | | 45,000 |
| Accumulated depreciation - | | |
| Accumulated impairment loss goodwill | | 210,000 |
| Administrative staff salaries expense | 590,000 | |
| Advertising expense | 70,000 | |
| Allowance for doubtful debts | | 71,500 |
| Asset Revaluation Reserve - Held to maturity investment (revaluation increment on 30/06/2017 after tax deduction) | | 21,000 |
| Asset Revaluation Reserve - Land (revaluation increment on 30 June 2017 - after tax deduction) | | 168,000 |
| Bank loan (unsecured long-term repayable amount) | | 210,000 |
| Bank loan (unsecured short-term repayable due) | | 90,000 |
| Buildings | | 90,000 |
| Buildings | 1,100,000 | |
| Carrying amount of plant and machinery sold | 24,000 | |
| Cash at bank | 800,000 | |
| Cost of sales | 2,924,000 | |
| Current tax liabilities | | 141,000 |
| Debentures held in Rome Ltd (mature on 30/4/2018) | 714,000 | |
| Deferred tax asset | 190,000 | |
| Deferred tax liability | | 103,000 |
| Deposits at call | 100,000 | |
| Dividends receivable | 8,000 | |
| Dividends revenue | | 68,000 |
| Final dividend declared ord | 145,360 | |
| Final dividend declared - pref | 45,300 | |
| Final dividend payable | | 190,660 |
| Fixtures & fittings | | 97,000 |
| Fixtures & fittings - at cost | 243,520 | |
| Freight inwards | 90,000 | |
| Freight outwards | 115,000 | |
| General reserve | | 780,000 |
| Goodwill | 832,000 | |
| Held to maturity investment (at fair value) | 145,000 | |
| Income tax expense | 401,000 | |
| Interest expense | 74,000 | |
| Interest payable | | 19,000 |
| Interest revenue | | 30,000 |
| Interim dividend paid - ord | 109,020 | |
| Inventories | 1,850,000 | |
| Land (at fair value) | 1,476,000 | |
| Loan to Jets Ltd (due on 30/6/2025) | 420,000 | |
| Mortgage loan (secured over land and buildings due 30/9/2022) | | 504,000 |
| Ordinary shares, fully paid | | 3,634,000 |
| Other administrative expense | 360,000 | |
| Other expenses | 137,000 | |
| Other selling expense | 220,000 | |
| Patents and trademarks | 145,000 | |
| Plant & machinery | | 226,000 |
| Plant & machinery - at cost | 884,000 | |
| Preference shares, fully paid | | 226,500 |
| Prepayments | 50,000 | |
| Proceeds on sale of plant and machinery | | 50,000 |
| Provision for annual leave | | 62,000 |
| Provision for long service leave - long term liable | | 134,000 |
| Provision for long service leave -short term liable | | 85,000 |
| Retained earnings as at 1/7/2016 | | 850,000 |
| Sales returns | 32,000 | |
| Sales revenue | | 6,968,340 |
| Sales staff salaries and commission expense | 750,000 | |
| Sundry revenue | | 46,200 |
| Total Asset revaluation reserve as at 1/7/2016 | | 364,000 |
| Transfer to general reserve | 60,000 | |
| Underwriting commission and other share issue costs | 37,000 | |
| Total | 15,991,200 | 15,991,200 |
