For faster services, inquiry about new assignments submission or follow ups on your assignments please text us/call us on +1 (251) 265-5102
Question 1
Below is the trial balance for Petronella Ltd as of 31 December 2022.
Petronella Ltd
Trial balance on 31 December 2022
The following information is relevant and not shown in the trial balance above.
Closing inventory as of 31 December 2022 is £2,250,000.
Irrecoverable receivables to be written off amount to £92,000.
The allowance for receivables is to be set at 5% of net receivables at the
financial year’s end.
Petronella Ltd’s depreciation policy is as follows.
• Equipment is to be depreciated at 10% on a straight-line basis.
• Vehicles are to be depreciated at 25% on a reducing balance basis.
• No depreciation has been charged for the year ended 31 December
2022.
In October 2022, Petronella Ltd paid £60,000 of rent for the three-month period from 1 November 2022 until 31 January 2023. This amount is included in the figure for administrative expenses shown in the trial balance.
The audit fee relating to the year ended 31 December 2022 is estimated to be £72,900. This has not been paid as of 31 December 2022.
Irrecoverable receivables, depreciation on office equipment, marketing expenses, and audit fee are to be allocated to administrative expenses. Depreciation on vehicles is to be recorded under distribution costs.
The 8% bank loan is repayable in ten years’ time. Interest is paid once per year and has not been paid as of 31 December 2022.
The corporation tax rate for the year ended 31 December 2022 is 30%.
Buy Answer of This Assessment & Raise Your Grades
Question 2
The financial statements for Petal Ltd are given below.
Petal Ltd
The following information is relevant:
During the year, plant and equipment were sold. The equipment had originally cost £12,000 and the accumulated depreciation on the date of disposal was £5,000. The proceeds were £15,000.
The depreciation charge for the year is £51,000.
Investment income relates only to interest.
Do You Need Assignment of This Question
The post Below is the trial balance for Petronella Ltd as of 31 December 2022. Petronella Ltd Trial balance on 31 December 2022: Financial Accounting In Context Assignment, OU, UK appeared first on Students Assignment Help UK.
For faster services, inquiry about new assignments submission or follow ups on your assignments please text us/call us on +1 (251) 265-5102
