Acca financial Accounting (FA) Study Text ac ca (FA)


Chapter 23  KAPLAN PUBLISHING 503



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Chapter 23 

KAPLAN PUBLISHING



503 

Required: 

Task 1 

(a)


Confirm the missing amount to make the trial balance totals

agree and open a suspense account for the balance.   (3 marks)



Debit/Credit 

Suspense account balance 

You have now been advised the suspense account balance relates 

to the income tax ledger account balance that was omitted from the 

list above. In addition, the finance director has advised you that all 

income tax liabilities for earlier years have now been settled and that 

the estimated tax liability for the year ended 31 December 20X1 is 

$15,000. 

(b)


State the amounts you would expect to see in the financial

statements for the year ended 31 December 20X1 in relation to

income tax. 

(2 marks) 

Statement of profit or loss 

$______ 

Statement of financial position 

$______ 

The following notes are relevant to the preparation of the financial 

statements for the year ended 31 December 20X1: 

(i)


No entries have been made in respect of a dishonoured cheque

for $6,000.

(ii)

Buildings are depreciated on a straight-line basis of 2% per



annum. Plant and equipment is depreciated at the rate of 20%

per year on a straight-line basis. This should be charged to cost

of sales.

(iii) Closing inventory has been valued at $51,000. This included

one item which had cost $5,000 which had been damaged and

could now be sold for only $3,000 if repair work costing $500

was perform on it.

(iv) The accountant of Zbox believes that the allowance for

receivables can be reduced to $500.




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