Zurich Limited
The following trial balance has been extracted from the nominal ledger of zurich limited and the balance on each of the accounts as set out as at 31/12/2021
Debt Credit
Accumlated Depreciation – premises (1/01/21) 248,000
Administrative Expenses 252,400
Trade Receivables 285,200
Retained Earning (01/01/21) 1475,440
Purchases 1374,600
Allowances for Bad Debts 13,560
Debenture Loan - 10% p/a 300,000
Bank 360,800
Issued Share Capital – 1 euro share each 200,000
Premises at cost at (01/01/21) 1246,400
Inventory 252,860
Current Tax payable (01/01/21) 13,680
Accumalted Depreciation Vehicles 77,000
Distribution cost 490,400
Finance Cost 24,800
Accumalted Depreciation Plant & Machine 129,500
Trade Paybles 204,280
Sales 2490,200
Plant & Machinery cost 491,400
Vehicle at cost 372,800
Total 5,151,600 5,151,600
The following information based on your investigation has also come to your attention inventory was counted and valued at 31 December 2021 at €265,200
depreciation is to be charged as follows
Premises 2% is straight line on cost
plant and machinery 10% percentage straight line on cost
vehicles 24% is reducing balance
Required
Prepare the statement of profit and loss and statement of financial position for Zurich limited for the financial year ended 31 December 2021
note all workings should be shown