Statement of Comprehensive Income for the year ended
’000 ‘000
Revenue (-misinclude ) X
Cost of sales (Y)
Gross profit X-Y=Z
Administrative expenses X
Distribution expenses X
Finance (loan interest) X
Profit on disposal X
(H)
Profit before tax Z-H=I
Income tax expense (X)
Profit/(Loss) for the year I-X=J
Other comprehensive income
Revaluation Gain X
Total Comprehensive income for the year J+X=O
Statement of Financial Position as at
Non-current assets
Property, plant, equipment X
Current assets
Inventories (-damaged) X
Trade receivables (-bad debts – doubtful – tax creditor) X
Other current assets X
Prepayments X
Cash and cash equipvalents X
Y
Total assets X+Y=Z
EQUITY AND LIABILITIES
Equity
Share capital X
Share premium X
Retained earnings (retained earnings at begin + profit/loss for year) X
Revaluation reserve (revaluation surplus begin + revaluation gain) X
Total equity H
Non-current liabilities
Longterm borrowings X
Total non-current liabilities J
Current liabilities
Trade and other payables (+tradepayable begin + finance costs:4 +legal ) X
, Current tax payable X
Total current liabilities K
Total liabilities K+J=O
Total equity and liabilities H+O=Z
Statement of changes in equity for the year ended
Share Share Retained Revaluation Total equity
capital premium earnings Reserve
‘000 ‘000 ‘000 ‘000 ‘000
Balance at X X X X y
begin
Total X X y
comprehensive (profit/loss
income for year)
Dividends (X) (X)
Balance at end X X Z Z XXX
1 Inventory at 31 December 2015 is £146,000. Following an review of inventory, it was no
that £4,240 of finished goods was damaged because of improper storage, it will be given
away free to a local children's charity.
2 Depreciation is to be charted as follows:
Buildings 2% Straight Line on Cost
Fixtures & Fittings 15% Straight Line on Cost
25% Reducing
Trucks Balance
3 Fixtures and Fittings wwere sold for £30,000 on 1 December 2015. These were purchas
June 2010 for £80,000. The proceeds from the sale were included (in error) in 'Revenue
the trial balance.
4 On 31 December 2015 a professional valuation from Greenwood Surveyors Ltd was rec
for the building. Greenwood Surveyors valued the building at £900,000.
5 On 28 February 2016 TOYSRU received notice that one of its customers had ceased to
trade. This customer owed TOYSRU £80,000 at 31 December 2015 which had increase
130,000 at 28 February 2016. No adjustment has been made to the financial statements
account for this.
6
The current tax payable amount outstanding for 2014 was paid in full in July 2014. Whil
transaction was correctly recorded in the firm's bank account, the 'Income Tax' account w
debited by mistake. The income tax amount for 2014 is estimated at £28,000.
7 The interest of 4% on the loan needs to be provided for.
8 TOYSRU wrote off additional bad debts of £5,000. The allowance for doubtful debts sho
be set at 5%.
9 TOYSRU Limited rented and paid for a strorage warehouse for a year with a rental perio
commencing on 1 March 2015. The amount paid was £24,000.
10 Expenses are to be allocated evenly between Distribution Costs and Administrative
’000 ‘000
Revenue (-misinclude ) X
Cost of sales (Y)
Gross profit X-Y=Z
Administrative expenses X
Distribution expenses X
Finance (loan interest) X
Profit on disposal X
(H)
Profit before tax Z-H=I
Income tax expense (X)
Profit/(Loss) for the year I-X=J
Other comprehensive income
Revaluation Gain X
Total Comprehensive income for the year J+X=O
Statement of Financial Position as at
Non-current assets
Property, plant, equipment X
Current assets
Inventories (-damaged) X
Trade receivables (-bad debts – doubtful – tax creditor) X
Other current assets X
Prepayments X
Cash and cash equipvalents X
Y
Total assets X+Y=Z
EQUITY AND LIABILITIES
Equity
Share capital X
Share premium X
Retained earnings (retained earnings at begin + profit/loss for year) X
Revaluation reserve (revaluation surplus begin + revaluation gain) X
Total equity H
Non-current liabilities
Longterm borrowings X
Total non-current liabilities J
Current liabilities
Trade and other payables (+tradepayable begin + finance costs:4 +legal ) X
, Current tax payable X
Total current liabilities K
Total liabilities K+J=O
Total equity and liabilities H+O=Z
Statement of changes in equity for the year ended
Share Share Retained Revaluation Total equity
capital premium earnings Reserve
‘000 ‘000 ‘000 ‘000 ‘000
Balance at X X X X y
begin
Total X X y
comprehensive (profit/loss
income for year)
Dividends (X) (X)
Balance at end X X Z Z XXX
1 Inventory at 31 December 2015 is £146,000. Following an review of inventory, it was no
that £4,240 of finished goods was damaged because of improper storage, it will be given
away free to a local children's charity.
2 Depreciation is to be charted as follows:
Buildings 2% Straight Line on Cost
Fixtures & Fittings 15% Straight Line on Cost
25% Reducing
Trucks Balance
3 Fixtures and Fittings wwere sold for £30,000 on 1 December 2015. These were purchas
June 2010 for £80,000. The proceeds from the sale were included (in error) in 'Revenue
the trial balance.
4 On 31 December 2015 a professional valuation from Greenwood Surveyors Ltd was rec
for the building. Greenwood Surveyors valued the building at £900,000.
5 On 28 February 2016 TOYSRU received notice that one of its customers had ceased to
trade. This customer owed TOYSRU £80,000 at 31 December 2015 which had increase
130,000 at 28 February 2016. No adjustment has been made to the financial statements
account for this.
6
The current tax payable amount outstanding for 2014 was paid in full in July 2014. Whil
transaction was correctly recorded in the firm's bank account, the 'Income Tax' account w
debited by mistake. The income tax amount for 2014 is estimated at £28,000.
7 The interest of 4% on the loan needs to be provided for.
8 TOYSRU wrote off additional bad debts of £5,000. The allowance for doubtful debts sho
be set at 5%.
9 TOYSRU Limited rented and paid for a strorage warehouse for a year with a rental perio
commencing on 1 March 2015. The amount paid was £24,000.
10 Expenses are to be allocated evenly between Distribution Costs and Administrative
