COMPANY ACCOUNTS – PRACTICE QUESTIONS
The Iceberg Corporation's Trial Balance as at December 31, 2009 is shown below.
$ $
Premises 668,000
10% Debenture 300,000
Retained Earnings Jan 1, 2009 167,000
Trade receivables 200,000
Trade payables 152,000
Administrative Expenses 175,000
Selling & Distribution Costs 150,000
Other Operating Expenses 66,000
Provision for bad debt 9,000
Rent Received 45,000
Sales 2,950,000
Cost of Sales 1,700,000
Motor Vehicles 500,000
Prov. For Dep'n: M. Veh. 50,000
Fixtures & Fittings 250,000
Prov. For Dep'n: Fix & Fit 20,000
Inventory at Dec 31, 2009 170,000
Debenture Interest Paid 15,000
Interim Ordinary dividends 14,000
General Reserves 175,000
Ordinary Shares @ $1.00 350,000
6% Preference Shares @ $2 100,000
Cash and bank 410,000
4,318,000 4,318,000
