problem the following trial balance has been extracted from the books of account of 3837250

February 5, 2021/in Business Homework Help Online /by Joseph

Problem – The following trial balance has been extracted from the books of account of Pisa Limited as at 31 December 2015:

Dr
Cr

â‚¬’000
â‚¬’000

Administrative costs
2,370

Bank

130

Called up share capital:

Ordinary shares of â‚¬1 each

800

10 % cumulative preference shares

200

Dividends received

120

Distribution costs
900

Investments at costs
700

Motor Vehicles:

At cost
100

Accumulated depreciation (at 1 January 2015)

40

Interim dividend paid (10c per ordinary share)
80

Equipment:

At cost
7,000

Accumulated depreciation (at 1 january 2015)

4,000

Preference dividend paid
10

Revenue reserves at 1 January 2015

3,000

Purchases
8,000

Sales

13,200

Share premium account

380

Stock
2,000

Creditors

2,080

Debtors
2,790

23,950
23,950

Additional information:
1) Stock at 31 December 2015: â‚¬2,400,000.
2) Depreciation is charged on motor vehicle at a rate of 20% on cost. The equipment relates entirely to distribution activities and depreciation is charged on it at a rate of 50% on the reduced balance.
3) The amount due for corporation tax at the year end and based on the profits for 2015 was estimated to be â‚¬530,000.
4) The directors propose to pay a final ordinary dividend of 20c per ordinary share.
Required: Prepare Pisa’s profit and loss account for the year to 31 December 2015 and a balance sheet as at that date.

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