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The following are extracts from the financial statements of Wewe Ltd. As at 31 March:20182017Sh.000Sh.000Sh.000Sh.000Fixed...

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Accounting

The following are extracts from the financial statements of Wewe Ltd. As at 31 March:20182017Sh.000Sh.000Sh.000Sh.000Fixed assets:GoodwillFreehold land and buildingPlant and machinery (NBV)Investment at costCurrent assets:StocksAccounts receivableInvestmentsCash at hand and bankCurrent liabilitiesBank overdraftAccounts payableProposed dividendsTaxationNet current assets15% debenturesCapital and reserves:Authorised, issued and paid Sh.10Ordinary sharesShare premiumRevaluation reserveRetained profit10,0506,1401,71020018,100(2,390)(5,850)(450)(820)(9,510)2,80016,8005,8603,60029,0608,59037,650(7,500)30,15018,0001,5004,5006,1508,7007,80084043017,770(6,540)(5,250)(380)(600)(12,770)2,90012,0006,3503,75025,0005,00030,000(9,000)21,00015,000750-5,25030,15021,000The profit and loss appropriation account for the year ended 31 March 2018 is given below:Sh.000Sh.000Net profit before taxLess:Corporation taxProfit after taxDividends:Interim (paid)Proposed (paid)1504502,4009001,500600

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