SOLUTION: Walden University Accounting Financial Statements Worksheet

st
The following trial balance was extracted from the books of OLLIE LTD as at December 31 2020.
The company has an Authorised Share Capital of 600,000 €1 Ordinary Shares at €1 each.
DR
Ordinary Shares (€1 each)
Profit & Loss Account Balance – Jan1st 2020
Sales
Sales Returns
Premises at Cost
Accumulated Depreciation Premises
Discount Received
Debtors
Creditors
Motor Vehicles at Cost
Accumulated Depreciation Motor Vehicles
Purchases
Bank
Stock (01/01/20)
Salaries & Wages
Advertising
Provision for Bad Debts
Bank Charges
Light & Heat
12% Debentures
Insurance on Motor Vehicles
General Expenses
Goodwill
Carriage In
Rent
Bills Receivable/Payable
Cash
Bank Term Loan
Debenture Interest Paid
Share Premium Account
10% Investments
CR
500,000
45,733
900,000
7,500
540,000
54,000
7,000
75,000
45,000
100,000
20,000
550,000
18,500
75,000
72,500
21,250
4,000
1,547
32,700
140,000
20,600
14,450
20,000
1,000
79,900
6,000
2,320
7,000
26,000
6,000
30,000
80,000
€1,751,500
€1,751,500
(a)
Stock on 31/12/2020 is valued at €90,000 Cost Price. The market value of this stock is €100,
(b)
Debtors include an amount of €5,000 since found to be bad. No entries have been made in
The Bad Debt Provision is to be changed to 5% of Debtors.
(c)
Advertising Prepaid €1,000.
(d)
Rent Due €600.
(e)
Calculate the debenture interest due on the debenture loan.
(f)
Calculate if there is any investment income due.
(g)
Depreciation is to be provided as follows:
·
Premises at 2% of cost
·
Motor Vehicles at 20% p.a. reducing balance method.
REQUIRED: A Trading and Profit and Loss Account for the year ended 31 Dec 2020 and a Balance She
Please show the workings of part (a) to (g) as notes to the Financial Statements.

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