Solution-Prepare balance sheet of Xtraspin Limited as at Dec

Prepare balance sheet of Xtraspin Limited as at Dec

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Reference no: EM132850088

Problem - Xtraspin Limited is a manufacturing concern involved in the production of toys for the past 5 years. The company trial balance for the year ended 31 Dec 2013 is as follows.

	Dr £ 000	Cr £ 000
Debtors	6,000
Creditors		5,000
Office expenses	2,000
Telephone	1,300
Purchases	50,000
Light and heat	7,400
Machine	90,000
Wages	19,400
Sales		140,000
Loan		36,100
Rent	9,000
Acc. Depreciation machine		27,000
Acc. Depreciation furniture		5,200
Share capital		2,440
Opening inventory	2,440
Bank	14,200
Furniture	13,000
Interest	1,000
	215,740	215,740

Closing stock at the end of the year is £4,000.

Machine is depreciated using straight line method at 10%.

Furniture is depreciated using straight line method. Its useful life is 5 year.

Required -

a) Prepare income statement of Xtraspin limited for the year ended 31 Dec 2013.

b) Prepare balance sheet of Xtraspin Limited as at 31 Dec 2013.

Reference no: EM132850088

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Prepare balance sheet of Xtraspin Limited as at Dec

Reference no: EM132850088

Reference no: EM132850088

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