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The question is an accounting question posted by student number 258612. Berry Limited is a company incorporated in Hong Kong.It has its financial year end at 31 December. It is the companys policy to
Berry limited, accounting question posted by student number 258612.
Berry Limited is a company incorporated in Hong Kong.It has its financial year end at 31 December. It is the companys policy to provide 8% of the annual sales amount as provision for bad debt.Below is the trial for the year ended 31 December 2020:
Bank 900,000
Account receivables 700,000
Provision for bad debts 350,000
Inventory 600,000
Plant, Property and equipment 1,390,000
Accumulated depreciation 60,000
Revaluations surplus 300,000
Account Payables 80,000
Sales 1,500,000
Cost of sales 400,000
Wage expenses 100,000
Tax expenses 20,000
Other operating expenses 80,000
Share capital 1,000,000
Retained profits at January 2020 900,000
4,190,000 4,190,000
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