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Question :
The following has been extracted from the trial balances of Treasure Ltd for the last two years:
2019 ($'000)
2018 ($'000)
Sales (all on credit)
5,250
1,500
Cost of goods sold
2,730
780
Doubtful debts expense
525
150
Interest expense
420
120
Salaries
630
180
Depreciation
210
60
Gain on sale of plant
185
30
Cash
3,264
794
Inventory
3,780
1,080
Accounts receivable
5,600
1,600
Allowance for doubtful debts
560
160
Land
3,150
20
Plant
2,100
900
Accumulated depreciation
490
600
Bank overdraft
4,890
140
Accounts payable
4,280
80
Accrued salaries
462
1,200
Long-term ban
2,240
132
Share capital
2,800
640
Dividends paid
190
800
Retained earnings
1,442
Additional infonnation:
- plant with a carrying value of $110 000 (original cost $400 000 and accumulated depreciation of 53200,000) was sold during the year.
- new plant and new land were acquired during the year
Required:
(a) Prepare an Income Statement for the year ending 30 June 2019 (usc the space available on page 4)
(b) Calculate the closing balance of retained earnings as at 30 June 2019 (usc the t-account on page 4)
(c) Prepare a Statement of Financial Position as at 30 June 2019, showing comparative information for the prior year (use the space available on page 5)
(d) Prepare a Statement of Cash Flows (and reconciliation of profit to operating cash flows) for the year ending 30 Junc 2019, showing all workings (usc the space available on page 6 for the t-accounts and the space available on pages 7 and 8 for the Statement of Cash Flow and supporting notes)
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