Accounts of limited liability companies
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Accounts of Limited liability Companies. The following is a trial balance of Obama’s as on 31 December 2003 Dr.Cr. $ $ Share Capital Issued: Ordinary shares $1 75 , 000 Debtors and Creditors28, 56022, 472 Stock 31 Dec. 200241, 415 Bank16, 255

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Accounts of Limited liability Companies

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Accounts of limited liability companies

Accounts of Limited liability Companies

  • The following is a trial balance of Obama’s as on 31 December 2003

    Dr.Cr.

    $ $

    Share Capital Issued: Ordinary shares $175, 000

    Debtors and Creditors28, 56022, 472

    Stock 31 Dec. 200241, 415

    Bank16, 255

    Machinery(cost)45, 000

    Motor Vehicles(cost)28, 000

    Depreciation Provisions Dec. 31. 2002

    Machinery18, 000

    Motor Vehicle12, 600

    Sales97, 500

    Purchases51, 380

    Motor Expenses 8, 144


Trial balance continued

Trial Balance continued

Dr.Cr.

$$

Repairs to Machinery 2, 308

Sundry Expenses 1, 076

Pay11, 372

Director’s remuneration 6, 200

Profit and loss account as at 31 Dec., 20026, 138

General reserve 8, 000

239, 710 239, 710

Given the following information, you are to draw up the trading and profit and loss accounts for the year ended 31 December, 2003 and a balance sheet as at that date.

  • Authorised share capital $100, 000 in ordinary shares $1

  • Stock at 31 Dec. 2003, $54, 300

  • Motor expenses owing $445

  • Ordinary Dividend proposed of 20%

  • Transfer $2, 000 to general reserve

  • Provide for depreciation of all fixed assets at 20% reducin balance method

  • Ignore taxation


Solution 1

Solution 1


Solution 2

Solution 2


Solution 3

Solution 3


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