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problem 1: You are presented with the given trial balance of MNC, a limited liability company, at 31 October 2007:

2011_trial balance.jpg

Additional information as at 31 October 2007:

a) Closing inventory has been counted and is valued at Rs 75,000.

b) The items listed below must be apportioned as indicated:

327_invoice information.jpg

c) An invoice of Rs15,000 for energy expenses for October 2007 has not been received.

d) Loan note interest has not been paid for the year.

e) The allowance for receivables is to be increased to 5% of trade receivables.

f) Plant is depreciated at 20% per annum by using the decreasing balance method. The whole charge is to be allocated to cost of sales.

g) Buildings are depreciated at 5% per annum on their original cost, allocated a 30% to cost of sales, 30% to  distribution costs and 40% to administrative expenses.

h) Tax has been computed as Rs 45,000 for the year.

i) The current share price of MNC is Rs1•30 per share.

Required:

Make the following financial statements for MNC as per the revised IAS 1 Presentation of Financial Statements:

a) The income statement for the year ended 31 October 2007;

b) The balance sheet as at 31 October 2007.

problem 2: Financial statements are made to meet the information requirements of a variety of stakeholders. You are required to recognize:

a) Three distinct groups of stakeholders.

b) For each group’s in brief describe the main areas of interest in a business.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96370

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