18 Aug QUESTION ONEAuto Transmissions manufac
QUESTION ONE
Auto Transmissions manufactures electrical equipments. The following trial balance as at 31 March 2005 has been extracted from the books of the company:
£
£
Ordinary shares of 50 p each
400,000
10% Redeemable Preference shares of £1 each
200,000
Retained profits as at 1 April 2004
42,475
Office block (Land £40,000)
170,000
Plant and machinery
730,000
Office equipment
110,000
Motor vehicles
200,000
Provision for depreciation – Plant and Machinery
224,500
– Office equipment
24,500
– Motor vehicles
80,000
Accounts receivables/Payables
500,000
356,226
Provision for doubtful debts
1,000
Manufacturing wages
501,400
Inventory as at 1 April 2004 – raw materials
70,000
– Work in progress
126,000
– Finished goods
250,000
Transport expenses
85,013
Returns inwards
15,106
Purchases of raw materials
518,600
Sales
2,600,147
Bank balance
60,020
Directors salaries
60,114
Maintenance of plan t
30,102
Rent
40,063
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