Corporate Reporting (ACC2CRE) The summarised general ledger trial balance of Simrex Ltd
Question 1 The summarised general ledger trial balance of Simrex Ltd, a manufacturing entity for the year ended 30 June 2018 is detailed below. Debit $ Credit $ Sales Revenue 990,000 Interest Revenue 98,500 Cost of Goods Sold 290,000 Distribution Expenses 93,000 Sales and Marketing Expenses 95,000 Administration Expenses 55,000 Interest Expense 55,000 Dividends Paid 32,000 Cash at bank 97,000 Inventories – 30 June 2018 123,000 Accounts Receivable 192,500 Provision for Doubtful Debts 8,000 Term deposit – due 30th September, 2018 337,000 Buildings 360,000 Motor Vehicles 340,000 Land 85,000 Goodwill 50,000 Warranty Provisions 25,000 Deferred Tax Liability 10,000 Accounts Payable 82,000 Accumulated Depreciation – Motor Vehicles 54,000 Accumulated Depreciation – Buildings 36,000 Bank Mortgage secured over buildings, due 1st May, 2019…
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