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Question - Samuel Ltd has the following list of balances as at 30 November 2011 AFTER the trading account has been prepared:
Dr. Cr
Equipment at cost 300
Equipment depreciation 60
Distribution costs 70
Administration expenses 160
Inventory 230
Interim dividend paid 20 $1 ordinary share 200
Bills payable 50
Bills receivable 70
Interest paid 5
Long term loan 100
Bank overdraft 5
Premises at cost 220
Retained profits 270
Gross profit 390
$1,075 $1,07
Notes: A final divided of 20p per share is proposed. Equipment is to be depreciated at 25% on cost. The directors recommend that a provision of $35,000 be made for corporation tax. The total sales in the year totalled $810,000.
Required -
1. Prepare the Profit Statement of Samuel Ltd for the year ended 30 November 2011.
2. Prepare the Position Statement of Samuel Ltd as at 30 November 2011.
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