Reference no: EM132492753
You have been given the trial balance and some additional information for White Hill White Hill Plc. as at 30June 2008
White Hill Plc.
Trial balance as at 30 June 2008
€ Debit € Credit
Buildings 111,704
Equipment 102,067
Motors 60,579
Accumulated depreciation - motors 19,300
Accumulated depreciation - equipment 17,708
Trade receivables 29,456
Other receivable 1,641
Cash at bank 15,249
Trade payables 37,296
Ordinary €1 shares issued 18,900
Share premium 4,745
8% Debenture loan 11,678
Inventory at 30 June 2007 14,045
Turnover 429,804
Purchases 165,053
Discounts allowed 1,473
Administrative expenses 18,806
Selling and distribution costs 37,962
Retained earnings 18,604
558,035 558,035
Additional data is available:
1. Inventory at 30 June 2008 was €3,891.
2. Depreciation is to be provided for as follows:
Equipment 15% straight line. This cost is treated as an administration expense.
Motors 20% reducing balance. This cost is treated as a distribution expense.
3. Selling expenses of €7,672 are to be accrued.
4. Interest on the debenture loan is to be provided for.
5. On 30 June 2008, 36,000 ordinary shares were issued.
The shares were issued at a premium of 20 cent.
Cash received from the share issue is not reflected in the trial balance.
6. The board of directors have decided to pay a dividend of 11 cent per share.
The dividend is not payable on the new shares issued.
7. Taxation of €24,559 is to be provided for.
Requirement?
Question 1: statement of income for the year to 30June 2008.
Question 2: statement of financial position as at 30June2008.
Question 3: What would happen o the Financial Statement of white hill Plc. If they decided to change there accounting policy in relation to Depreciation calculation to be shifted from straight line to double declining method. And how it would affect they retrospective Financial statement and what are the statement that would be affected the most.
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