9 TABULAR STATEMENTS Practice Questions
Question 1 The financial position of Antonio Ltd on 01/01/2013 is shown in the following Balance Sheet:
Fixed Assets
Land and Buildings Vehicles
Current Assets Stock
Debtors Rates Prepaid 9
less Creditors: Amounts falling due within one year Creditors Bank
Expenses Due Net Current Assets
Financed By Capital & Reserves Authorised 500,000 Ordinary Shares @ €1 each Issued 450,000 Ordinary Shares @ €1 each Share Premium P & L Balance
Balance Sheet as at 01/01/2013 Cost Dep to date €
€
590,000 90,000
680,000
58,000 47,000 2,500
34,000 18,500 2,500
17,700 18,000 35,700
Net €
572,300 72,000
644,300
107,500
55,000
52,500 696,800
450,000 50,000
196,800 696,800
The following transactions took place during 2013: Jan: Antonio Ltd bought an adjoining business which included buildings of €100,000, debtors €20,000, and creditors €36,000. The purchase price was discharged by granting the seller 100,000 shares in Antonio Ltd at a premium of 20 cent per share.
Feb: Antonio Ltd revalued land and buildings on 28/02/2013 at €750,000. This includes land valued at €200,000.
Mar: Goods previously sold by Antonio Ltd for €22,000 were returned. The selling price of these goods was cost plus 25%. Due to a delay in returning the goods a credit note was issued showing a deduction of 5% of invoice price as a restocking charge.
May: Antonio Ltd received a bank statement on 31st May showing a direct debit of €6,000 to cover rates for the year ended 31/05/2014 and a credit transfer of €12,000 received to cover 12 months rent in advance from 1st May.
Jun: A vehicle which cost €10,000 was traded in against a new vehicle costing €38,000. An allowance of €2,000 was made for the old vehicle. Depreciation to date on the old vehicle was €1,000.
Jul: A payment of €500 was received from a debtor whose debt had previously been written off and who now wishes to trade with Antonio Ltd again. This represented 50% of the original debt and the debtor is to pay the remainder of the debt in January 2014.
Dec: The buildings depreciate at the rate of 3% per annum of value at 28/02/2013. The total depreciation charge on vehicles for the year amounted to €4,600.
You are required to: Record on a Tabular Statement the effect each of the above transactions had on the relevant asset and liability and ascertain the total assets and liabilities on 31/12/2013.
124
Do not exceed authorised share capital.
TIP
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