REVISION - Single company accounts question

REVISION - Single company accounts question - Data You have...

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Data You have been asked to help prepare the financial statements of Cappielow Ltd for the year ended 31 March 2010. The company’s trial balance as at 31 March 2010 is shown below. Cappielow Ltd Trial balance as at 31 March 2010 Debit Credit £000 £000 Share capital 12,000 Trade and other payables 1,347 Property, plant and equipment – cost 36,780 Property, plant and equipment – accumulated depreciation 19,876 Trade and other receivables 2,133 Accruals 129 6% bank loan repayable 2016 12,000 Cash at bank 7,578 Retained earnings 2,235 Interest 360 Sales 35,783 Purchases 27,654 Returns inwards 236 Returns outwards 173 Distribution costs 1,857 Administrative expenses 2,235 Inventories as at 1 April 2009 3,790 Final dividend for year ended 31 March 2009 650 Interim dividend for year ended 31 March 2010 270 83,543 83,543 Further information The share capital of the company consists of ordinary shares with a nominal value of £1. The inventories at the close of business on 31 March 2010 were valued at £4,067,000.
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Unformatted text preview: The company hired some office copiers for the period 1 March to 30 June 2010. The contract price for the four months was £164,000 and this was paid in full on 3 March. The company sourced extra warehousing space, for the storage of goods prior to their sale, for a period of three months from 1 February to 30 April 2010. The invoice for the full three months of £114,000 was paid on 16 April. No entry has been made in the accounts for this transaction. Interest on the bank loan for the last six months of the year was not paid until 30 April 2010. The corporation tax charge for the year has been calculated as £874,000. All of the operations are continuing operations. PREPARE THE STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT FOR THE YEAR BASED ON THE ABOVE INFORMATION...
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