9 TABULAR STATEMENTS


Question 3 The financial position of Ronaldino 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 Overdraft Wages Due


Net Current Assets


Financed By Capital & Reserves Authorised 450,000 Ordinary Shares @ €1 each Issued 400,000 Ordinary Shares @ €1 each Share Premium P & L Balance


Balance Sheet as at 01/01/2013 Cost Dep to date €


€


400,000 55,000


455,000


52,000 36,000 750


32,000 5,500 1,000


12,000 5,500


17,500


Net €


388,000 49,500


437,500


88,750


38,500


50,250 487,750


400,000 37,000 50,750


487,750


The following transactions took place during 2013: Jan: Ronaldino Ltd decided to revalue land and buildings at €550,000 on 01/01/2013, which included land now valued at €60,000.


Feb: Ronaldino Ltd bought an adjoining business on 01/02/2013 which included buildings of €90,000, vehicles €8,500, debtors €10,000 and creditors €26,000. The purchase price was discharged by granting the seller 80,000 shares in Ronaldino Ltd at a premium of 30 cent per share.


Mar: A payment of €900 was received from a debtor whose debt had previously been written off and who now wishes to trade with Ronaldino Ltd again. This represented 60% of the original debt and the debtor is to pay the remainder of the debt in January 2014. On the same day, Ronaldino sold goods of €750 on credit to this debtor.


Apr: Goods previously bought on credit for €1,200 by Ronaldino Ltd were returned. Owing to a delay in returning the goods, a restocking charge of 10% of invoice price was incurred.


Jun: Ronaldino Ltd received a bank statement on 30th June showing a direct debit of €1,800 to cover rates for the year 30/06/2013. This is a mark up of 20% at the end of March.


Aug: A vehicle which cost €20,000 was traded in against a new vehicle costing €50,000. An allowance of €6,000 was made for the old vehicle. Depreciation to date on the old vehicle was €4,000.


Dec: The buildings depreciate at a rate of 3% of book value. The depreciation charge is calculated from the date of valuation and the date of purchase. The total depreciation charge on delivery vans for the year amounted to €8,500.


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.


126


Deduct land before calculating depreciation.


TIP


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