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Malright, a limited liability company, has an accounting year end of 31 October. The accountant is preparing thefinancial statements as at 31 October 20X7 and requires your assistance. The following trial balance has beenextracted from the general ledger
– The allowance for receivables is to be increased to 5% of trade receivables. The allowance for receivables istreated as an administrative expense. – Plant is depreciated at 20% per annum using the reducing balance method and buildings are depreciated at 5%per annum on their original cost. Depreciation is treated as a cost of sales expense. – Closing inventory has been counted and is valued at $75,000. – An invoice of $15,000 for energy costs relating to the quarter ended 30 November 20X7 was received on2 December 20X7. Energy costs are included in administrative expenses. Prepare the statement of profit or loss and the statement of financial position of Malright Co as at 31 October20X7. mark:15 |