The Inventory On 30″ April 2021 Was Valued At €1.165.000: Financial Accounting 2, UCC, Ireland
| University | University College Cork (UCC) |
Question:
The following trial balance has been extracted from the books of piper plz at a 30th April 2021.
| €000 | ODOO | |
| General administrative expenses | 1.400 | |
| Called up ordinary share capital | 3.680 | |
| Cash at bank and in hand | 90 | |
| Corporation tax (overpayment for the year to 30 April 2020) | 23 | |
| Deferred taxation fat I° May 2020) | 380 | |
| General distribution costs | 1.180 | |
| 10% Long term debentures | 900 | |
| Debenture interest paid (1° December 2020) | 45 | |
| Dividends received | 250 | |
| Profit on disposal of investment by-hold property: | 990 | |
| at cost | 2.900 | |
| accumulated depreciation (at I” May 2020) | 900 | |
| Plant and machinery. at cost | 2.600 | |
| accumulated depreciation tat 1″ May 2020) | 1.00(1 | |
| Interim dividend (paid November 2020) | 620 | |
| Goodwill | I.800 | |
| Investments in Irish companies | 1.7(1(1 | |
| Retained earnings (al 14 May 2(120) | 2.467 | |
| Purchases | 2./010 | |
| Development cosh | 7(10 | |
| Research and development expenditure | 80 | |
| Inventories (at la May 2020) | 660 | |
| Trade payables | 2,220 | |
| Trade receivables | 2,100 | |
| Turnover | 7,300 | |
| Wages. and salaries: Saks and distribution | 320 | |
| Administrative | 280 | |
| Production | 1.400 | |
| General reserve | 565 | |
| 20.675 | 20.675 |
Additional infinntalien:
1. The inventory on 30″ April 2021 was valued at €1.165.000.
2. Depreciation for the year to 30th April 2021 is to be charged on the historic cost of the non-current as follows:
- Freehold property: 10%. This is to be charged as an administration cost.
- Plant and machinery: 15%. This is to be apportioned 50% cost of sales. 50% administration.
3. Corporation tax based on the profits for the year is estimated to be fI91.000.
4. A transfer of €45.000 is to be made to deferred tax.
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