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QUESTION 2
The trial balance of Best ways limited is as shown as at 30 June 2018
Ordinary shares
12%prefernce shares
15% debentures
Land and buildings
Plant and machinery
Motor vehicles
Furniture's
Provision for depreciation
Land and buildings
Plant and machinery
Motor vehicle
Furniture's
Debtors and creditors
Prepaid insurance
Interim dividends
Paid
Ordinary
Preferences
Cash at bank
Debenture interest unpaid
Stock
General reserves
Retained earnings
Net profit for the year
DR 1000"
CR "000"
1,000
500
100
900
700
400
130
80
100
I
140
60
180
50
80
20
2467.5
50
30
27.5
7.5
60
100
40
260
2467.5
Additional information
1
Authorized capital of the company shs 1.5 million dividend in to 100,000 ordinary shares
of shs 10 each and 50,000 12 % preference shares of shs 10 each. Taxation is ignored.
Directors recommend that
11.
111
Shs 50,000 to be transferred to general reserves
IV.
Preference dividend balance to be paid.
V.
Final dividend of 5% on ordinary shares to be paid.
Vi
Tax is ignored.
Required
Prepare the Appropriation of profit and loss account for the year ending 30 June 2019 and
balance sheet. (12mks)
19
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