(b) The following is a balance sheet of Russell Co.at 31 Dec
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(b) The following is a balance sheet of Russell Co.at 31 Dec.20x1
Russell Co.
Balance sheet as at 31 Dec.20x1
$ $
Current assets
Cash at bank 12,000
Trade debtors 18,000
Inventory 23,000
53,000
Non-current assets
Motor vehicles 19,000
Machinery 30,000
Freehold premises 110,000
159,000
212,000
Current liabilities
Trade creditors 37,000
Non-current liabilities
Loan 50,000
Capital
Opening balance 50,000
Add Revaluation gain 65,000
Add Profit 14,000
129,000
Less Drawings 4,000
125,000
212,000
During 20x1,the following transactions took place
Inventory totaling $100,000 was bought on credit.
The owner withdraw capital in the form of cas$50,000 for own use.
Trade debtors totaling $80,000 was received.
A motor vehicle was bought for $220,000 cash,the business expected to Use the vehicle for 5 years and the residual value is $20,000.The business uses a straight-line method to depreciate its assets.
Inventory was sold on credit totaled $480,000(cost $210,000)
Wages totaling $110,000 were paid during the year.At the end of the year,the business owes $10,000 of wages for the last month of the year.
Cash sales totaled $150,000(cost $70,000)
An annual rental of $20,000 was paid during the year.
At the end of the year,depreciation expense of machinery and equipment Amounted to $75,000.
# Electricity bills totaling $10,000 were paid during the year.
Required:
Prepare a balance sheet as at 31 Dec.20x1.(25 marks)
Russell Co.
Balance sheet as at 31 Dec.20x1
$ $
Current assets
Cash at bank 12,000
Trade debtors 18,000
Inventory 23,000
53,000
Non-current assets
Motor vehicles 19,000
Machinery 30,000
Freehold premises 110,000
159,000
212,000
Current liabilities
Trade creditors 37,000
Non-current liabilities
Loan 50,000
Capital
Opening balance 50,000
Add Revaluation gain 65,000
Add Profit 14,000
129,000
Less Drawings 4,000
125,000
212,000
During 20x1,the following transactions took place
Inventory totaling $100,000 was bought on credit.
The owner withdraw capital in the form of cas$50,000 for own use.
Trade debtors totaling $80,000 was received.
A motor vehicle was bought for $220,000 cash,the business expected to Use the vehicle for 5 years and the residual value is $20,000.The business uses a straight-line method to depreciate its assets.
Inventory was sold on credit totaled $480,000(cost $210,000)
Wages totaling $110,000 were paid during the year.At the end of the year,the business owes $10,000 of wages for the last month of the year.
Cash sales totaled $150,000(cost $70,000)
An annual rental of $20,000 was paid during the year.
At the end of the year,depreciation expense of machinery and equipment Amounted to $75,000.
# Electricity bills totaling $10,000 were paid during the year.
Required:
Prepare a balance sheet as at 31 Dec.20x1.(25 marks)
二)以下是资产负债表的罗素公司在12月31日20x1
罗素有限公司
资产负债表,截至12月31日20x1
元元
流动资产
在银行的现金12000
贸易应收账款18000
存货23000
53000
非流动资产
汽车19000
机械30000
保有处所110000
罗素有限公司
资产负债表,截至12月31日20x1
元元
流动资产
在银行的现金12000
贸易应收账款18000
存货23000
53000
非流动资产
汽车19000
机械30000
保有处所110000
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