SECTION A Question 1 Kunal plc was established in 2014 and manufactures sports e
ID: 2603804 • Letter: S
Question
SECTION A Question 1 Kunal plc was established in 2014 and manufactures sports equipment. The following draft trial balance has been produced for the year ended 30 June 2016 £000 £000 25,920 52 Revenue Dividends received from non-current asset investments Cost of sales Distribution costs Administrative expenses Audit fees Interest paid on loan stock Bank interest on overdraft Interim dividend paid Freehold land Freehold buildings Leasehold building (see note 4) Plant and machinery Furniture and fittings Provisions for depreciation: Freehold buildings Plant and machinery Furniture and fittings 11,746 3,282 2,420 80 110 80 2,790 6,204 1,200 5,420 3,840 1,440 1,220 1,080 CONT
Explanation / Answer
a) Statement of Comprehensive Income:
b) Change in Equity:
Particulars Amount Amount Revenue 25920 Dividend received 52 25972 Less: Cost of Sales 11746 Distribution Cost 3282 Admin Expenses 2420 Audit Fees 80 Interest Paid 110 Interest on Overdraft 66 Interim dividend paid 80 (17784) Provision for Depreciation Freehold building 146.08 Plant and Machinery 840 Furniture and Fitting 690 Leasehold Building 40 (1716.08) Loss on Sale of Plant and machinery 3200 Bad Debts 90 Provision to dismantle the plant and machinery 8 (3298) Net Profit 3173.92 Less: Tax (825.22) Profit after Tax 2348.7 Deferred Tax 681.98 Net 3030.68Related Questions
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