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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 Creditors 28, 560 22, 472 Stock 31 Dec. 2002 41, 415 Bank 16, 255

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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 $1 75, 000

Debtors and Creditors 28, 560 22, 472

Stock 31 Dec. 2002 41, 415

Bank 16, 255

Machinery(cost) 45, 000

Motor Vehicles(cost) 28, 000

Depreciation Provisions Dec. 31. 2002

Machinery 18, 000

Motor Vehicle 12, 600

Sales 97, 500

Purchases 51, 380

Motor Expenses 8, 144

trial balance continued
Trial Balance continued

Dr. Cr.

$ $

Repairs to Machinery 2, 308

Sundry Expenses 1, 076

Pay 11, 372

Director’s remuneration 6, 200

Profit and loss account as at 31 Dec., 2002 6, 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
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