CAPE Accounting Unit 1 · 2012 · Paper 2 · Question 3
The Trial Balance of Portsmouth Home & Office Depot at 30 June 2011 is provided, along with additional information:
- Ending inventory is 60 000.
- Unrecorded utility invoices for June are 12 000.
- Insurance expense includes 2 000 prepaid for July and August 2011.
- Fittings depreciated at 25% per annum reducing balance method.
- Buildings depreciated at 5% per annum on original cost.
- Land revalued on 30 June 2011 to 200 000.
- 10 000 of the long term loan is due within the next accounting period.
- Tax calculated at 40 000 for the year.
Prepare the Income Statement and Balance Sheet for the Company for the year ended 30 June 2011 in accordance with International Accounting Standard 1 (IAS 1).
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