The following is a worked example of a set of financial statements for a limited company produced for internal use
Shortland plc
Trial balance as at 31 Dec 2018
|
E |
£ |
|
|
Issued ordinary share capital (Et shares) |
250,000 |
|
|
5% Debenture 2024 |
40,000 |
|
|
Retained earnings |
15,600 |
|
|
Property |
300,000 |
|
|
Plant and equipment |
62,000 |
|
|
Sales revenue |
178,000 |
|
|
Purchases |
87,500 |
|
|
Inventory as at 1 January 2018 |
14,750 |
|
|
Distribution costs |
12,110 |
|
|
Administration costs |
7,676 |
|
|
Debenture interest |
2,000 |
|
|
Directors remuneration |
18,900 |
|
|
Trade receivables and payables |
6,456 |
5,341 |
|
Cash and cash equivalents |
1,549 |
|
|
Provision for depreciation on property |
13,000 |
|
|
Provision for depreciation on plant and equipment |
22,000 |
|
|
Dividends paid |
11,000 |
|
|
521,941 |
521,941 |
Additional information:
1Inventory at 31 Dec 2018: £8,950.
2Tax charge for the year: £7,740.
3Depreciation is to be provided for as follows:
aProperty: 1% on cost
bPlant and equipment: 20% on cost.
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