- Pred Below Challast Of Finansial Statements For Venture Limited Click Here To View The Income Statement Of Verona Limit 1 (86.55 KiB) Viewed 9 times
Pred below challast of finansial statements for Venture Limited (click here to view the income
statement of Verona Limited (xhere to view the
statement of financial position of Verona Limited) The following additional information relating to crors in the draft statements is availables Atransaction for goods sold for £30.000 on credit on 30 April Year 2 had been omhed from the ancial statements. The cost of the goods sold for the year and Inventories at the year end were stated correctly 2. Anew place of plant coading £25,000 was purchased on credit on 30 April Year 2 but had not been included in the iserda Anime for anden for 125 (1) wen nanaharin 91 Anri Vaar? This had not haar malt and har han neitart from Verons Limited
Statement of financial position as at 30 April Year 2 ASSETS Non-cument assets Cost Depreciation KOOKO EDHOO Property plant and equipment FICTIO Plant and equipment Fatures and po Current assets Inventaris Trade receivables Cabank Total assets EQUITY AND LIABILITES Equity Ordinary f£1,fully paid Reserves at 1 May Year 1 Retailpro for year Non-cument abilities Uleannotes Current liabilities Tracin payahin Other seals Ton Verona Limited EX000 [▬▬▬▬▬▬▬ Data table Revenue Cetate Cazes proft Depreciation Other operating cos Operating prot inal payd Praft before leadin Taxation Verona Limited Income
statement for the your ander 30 Apell Your 2 €000 Print Done 3.460 (2010) 1,450 (320) (50) 6/0 500 Data table ASSLIS Nunc Foot plant and count Prami Par and squipment bures and rings Current assets Invandrin Tradecibles Cach at bank Tual FQUITY AND I ABILITIES Equity Ordinary shares of 1, tuly paid Real1 May Your 1 Profit for the year Non-current abilities 8% loan note Clubili Trade povables Other pa Taustion Verona Linked
Statement of financial position as at 30 April Year 2 Depreciation EDOD Cuat €:000 R 480 GE 1.195 Print Done (120) (290) (223 432 €:000 6300 150 4161 766 730 €70 1457 2,253 200 330 450 SEO 6000 692 131 50 773 2,253
Verona Limited Income
statement for the year ended 30 April Year 2 £000 Revenue Cost of sales Gross profit Depreciation Other operating costs Operating profit Interest payable Profit before taxation Taxation (10%) Profit for the year Print Done Current liabilities Trade payables Other payables Taxation Print Done 592 131 50 773 2,253
the financial statements. 4. Bad debts amounting to £20,000 should have been written off at the year end but had not been. 5. Interest payable of £40,000, which was still outstanding at the year end, had been incorrectly recorded in the financial statements as £70,000. 6. Depreciation on plant and equipment had been charged at 10 per cent on cost but should have been charged at 20 per cent on the cost of those assets held at the year end. 7. Taxation is at the rate of 10 per cent on profits before taxation and is payable after the year end. Required: Prepare a revised set of financial statements incorporating the additional information in (1) to (7) above. Note: work to the nearest £1,000.