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Introduction to module, conceptual framework and Presentation of Financial Statements (IAS1) £7.49
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Lecture notes

Introduction to module, conceptual framework and Presentation of Financial Statements (IAS1)

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Introduction to Module: The Introduction to Module is a section that provides an overview and sets the context for the specific module or course being undertaken. It typically outlines the objectives, scope, and structure of the module, and may also introduce the key topics and concepts that wil...

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  • June 9, 2023
  • 2
  • 2022/2023
  • Lecture notes
  • Andrew
  • All classes
All documents for this subject (2)
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tingkeat
Tanhosier Trial Balance as at 31 March 2022

£000 £000
Sales 50,332
Purchases 29,778
Property, Plant and Equipment - cost 59,088
Property, Plant and Equipment - accumulated depreciation 25,486
Inventories as at 1 April 2021 7,865
Interest 200
Accruals 426
Distribution costs 8,985
Administrtaive expenses 7,039
Retained earnings 23,457
Trade receivables 9,045
Cash at bank 182
8% bank loan repayable 2025 5,000
Share capital 10,000
Share premium 5,000
Trade payables 2,481
122,182 122,182

Draft statement of comprehensive income for the year to 31 March 2022 is as follows:

£000 £000
Sales revenue (50332-3147) 47185
Cost of sales (7865+29778-8107) 29536
Gross profit 17649
Distribution costs (8985+157) 9142
Administrative expenses 7039 16181
Profit from operations 1468
Finance costs 400
Profit before tax 1068
Taxation 235
Profit for the year 833

Draft statement of financial position as at 31 March 2022 is as follows:
£000 £000
Assets
Non current assets
Property, plant and equipment (59088-25486) 33602
Current assets
Inventories (8407-300) 8107
Trade receivables (9045-3147) 5898
Cash at bank 182 14187
47789


Equity
Ordinary share capital 10000
Share premium 5000

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