Prepare Income statement financial statements for Oberon Ltd

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Reference no: EM132722919

Question - The following trial balance was extracted from the nominal ledger of Oberon Ltd on 31 March 2019:

Sales 1,150,000

Inventories at 1 April 2018 75,000

Purchases 465,000

Distribution costs 220,000

Administrative expenses 340,000

Bad debts written off 36,000

Loan interest paid 8,000

Land and buildings cost 600,000

Plant and equipment cost 340,000

Land and buildings accumulated depreciation at 1 April 2018 96,000

Plant and equipment accumulated depreciation at 1 April 2018 63,000

Trade receivables 60,000

Provision for doubtful debts 5,000

Bank balance 24,000

Ordinary share capital (£1 shares) 400,000

Share premium 100,000

Bank loan 200,000

Retained earnings 61,000

Ordinary dividends paid 15,000

Trade payables 54,000

Advance deposits from customers 6,000

2,159,000 2,159,000

Required - Ten column work sheet in the form of the following.

Prepare the following financial statements for Oberon Ltd:

(a) Income statement for the year ended 31 March 2016.

(b) Statement of financial position as at 31 March 2016.

Reference no: EM132722919

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