9 TABULAR STATEMENTS
Question 6 The financial position of Keller Ltd on 01/01/2013 is shown in the following Balance Sheet:
Fixed Assets Buildings
Equipment Vehicles
Current Assets Stock
Debtors Bank
less Creditors: Amounts falling due within one year Creditors
9 Expenses Due Net Current Assets
Financed By Capital & Reserves Authorised 500,000 Ordinary Shares @ €1 each Issued 425,000 Ordinary Shares @ €1 each Share Premium P & L Balance
Balance Sheet as at 01/01/2013 Cost €
450,000 22,000 46,000
518,000 35,500
22,000 10,000
20,750 2,200
Dep to date €
13,500 2,200 4,600
20,300 67,500 22,950
44,550 542,250
425,000 7,250
110,000 542,250
The following transactions took place during 2013: Jan: Keller Ltd revalued buildings at €600,000 on 01/01/2013. Feb: Keller Ltd bought an adjoining business on 01/02/2013. This business included buildings of €50,000, debtors €26,000 and creditors €12,000. The purchase price was discharged by granting the seller 65,000 shares in Keller Ltd at a premium of 20 cent per share.
Mar: Goods previously sold by Keller Ltd for €6,000 were returned. The selling price of these goods was cost plus 20%. 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.
Apr: Keller Ltd received a bank statement on 31st April showing a direct debit of €7,200 to cover advertising for the year ended 31/04/2014 and a credit transfer of €4,800 received to cover 12 months rent in advance from 1st April.
May: A vehicle which cost €26,000 was traded in against a new vehicle costing €40,000. An allowance of €15,000 was made for the old vehicle. There was one year’s depreciation of 10% on the cost of the old vehicle.
Jun: An interim dividend of 5 cent per share was paid on all paid-up shares. Jul:
Keller Ltd received €30,000 from the issue of remaining shares.
Aug: Keller Ltd sold goods on credit with a 20% Mark Up for €15,000. Sept: Goods previously bought for €4,200 by Keller Ltd were returned. Owing to a delay in returning the goods, a restocking charge of 5% of invoice price was incurred.
Nov: A creditor who was owed €1,200 accepted a payment of €1,000 in full settlement. Dec: The buildings depreciate at the rate of 3% of book value. The depreciation charge is calculated from the date of valuation and the date of purchase. The depreciation charge for the year on equipment and vehicles is €2,200 and €6,000 respectively.
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.
Net €
436,500 19,800 41,400
497,700 Cost = 100%
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TIP
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