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    F3 Numerical Question

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    Adnan Siddiqui
    The trial balance provides account balances for Ibraheem Limited as of March 31, 2014, including assets of $899,098 and liabilities/equity of $899,098. Additional information provides depreciation rates, inventory valuation, provision for receivables, tax estimate, share issuance, and proposed dividend. The document requests preparation of the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position for Ibraheem Limited for the year ended March 31, 2014.

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    F3 Numerical Question

    Uploaded by

    Adnan Siddiqui
    15 views2 pages
    The trial balance provides account balances for Ibraheem Limited as of March 31, 2014, including assets of $899,098 and liabilities/equity of $899,098. Additional information provides depreciation rates, inventory valuation, provision for receivables, tax estimate, share issuance, and proposed dividend. The document requests preparation of the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position for Ibraheem Limited for the year ended March 31, 2014.

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    F3 class examples

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    F3 numerical question

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    The trial balance provides account balances for Ibraheem Limited as of March 31, 2014, including assets of $899,098 and liabilities/equity of $899,098. Additional information provides depreciation rates, inventory valuation, provision for receivables, tax estimate, share issuance, and proposed dividend. The document requests preparation of the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position for Ibraheem Limited for the year ended March 31, 2014.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    F3 Numerical Question

    Uploaded by

    Adnan Siddiqui
    The trial balance provides account balances for Ibraheem Limited as of March 31, 2014, including assets of $899,098 and liabilities/equity of $899,098. Additional information provides depreciation rates, inventory valuation, provision for receivables, tax estimate, share issuance, and proposed dividend. The document requests preparation of the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position for Ibraheem Limited for the year ended March 31, 2014.

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    Example(Final Account):

    The trial balance of Ibraheem Limited as at 31st March 2014 was as follows:

    Dr Cr

    Share capital (50c) 100,000


    6% Preference shares ($1.00) 50,000
    Retained earnings at 01/04/13 237,166
    Debenture 10% 100,000
    Inventory at 01/04/013 32,000
    Trade receivables 45,987
    Receivables provision 5.987
    Trade payables 39,945
    Cash 73,958
    Building cost account 150,000
    Plant and machinery at net book value 422,987
    Debenture interest 5,000
    Administrative expenses 48,000
    Distribution expenses 49,000
    Profit on disposals 1,000
    Purchases 69,666
    Revenue 365,000
    Corporation Tax 2500
    899,098 899,098
    Notes:

    1. Depreciation on building is to be charged at 2%

    2. Depreciation on plant and machinery is to be charged at 10% reducing balance

    3. Building is revalued at 31st March,2014 to $160,000.

    4. Closing inventory was valued at $28,990

    5. A provision of 5% of receivables is to be maintained

    6. Tax charge is estimated at $20,000

    7. Shares issued @ $1.25 to existing shareholders in proportion of 2 for 5 at year end.

    8. A final dividend of 15c per share has been proposed before the year end.

    Require :Prepare for Ibraheem Limited for the year ended 31st March 2014.

    a) The statement of Profit or Loss and Other Comrehensive Income ?


    b) The statement of changes in equity ?
    c) The statement of financial position for

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