A201 SEM 6 Q4 - a Item ii Dr Depreciation expense(in...

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a) (in thousands) Item ii Dr Depreciation expense - Freehold building $1,150 - Equipment $1,150 - Motor vehicles $2,875 Cr Accumulated depreciation - Freehold building $1,150 - Equipment $1,150 - Motor vehicles $2,875 Item iii Dr Prepaid repair expense $2,300 Cr Utilities, repairs and maintenance expense $2,300 Dr Salaries and wages expense $5,175 Cr Wages payable $5,175 Item vi Dr Freehold land $2,500 Cr Revaluation reserve $2,500
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ABC Ltd Income statement for the year ended 31 December 2006 Note $'000 Revenue 345,000 Cost of sales (293,424) Gross profit 51,576 Other operating income 0 Distribution costs (25,041) Administration costs (4,685) Other operating expenses ( Miscellaneous expenses) (1,725) Profit from operations 20,125 Financial costs (7,475) Profit before taxation 7 12,650 Taxation (5,750) Profit after taxation 6,900 ABC Ltd Statement of changes in equity for the year ended 31 December 2006 Share capital $'000 $'000 $'000 $'000 Balance at January 1,2006 10,000 0 50,250 60,250 Gain on revaluation of Freehold Land 0 2,500 0 2,500 Profit for the year 0 0 6,900 6,900 Total recognised income and expense for the year 0 2,500 6,900 9,400 Issue of share capital 14,500 0 0 14,500 Balance at December 31, 2006 24,500 2,500 57,150 84,150 ABC Ltd
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