ACSBR 2024 POA P2 INSERT

Data for Question 1The following balances were extracted from the books of Tulip Ltd on 31 July 2024. $Sales revenue402 645Sales returns30 246Cost of goods sold209 856Rent37 000Salaries80 388Insurance17 600Office furniture40 300Inventory11 920Motor vehicles120 800Accumulated depreciation: Office furniture4 030 Motor vehicles30 200Trade receivables 15 320Allowance for impairment of trade receivables2 300Trade payables2 543Cash at bank (overdraft)2 2122% Bank loan50 000Interest on bank loan500Share capital, 100 000 ordinary shares50 000Retained earnings20 000The following information was made available on 31 July 2024.1Insurance was paid for 15 months ending on 31 October 2024.2Salaries outstanding was $700.3A credit customer who owed $326 was declared bankrupt and the amount has yet to be written off.4$2200 of trade receivables is estimated to be uncollectible.5Motor vehicles are to be depreciated at 20% on net book value per annum.6Office furniture is to be depreciated at 10% on cost per annum.7Interest on bank loan has not been fully paid for the year ended 31 July 2024.8$30 000 of long-term borrowing was payable on 31 March 2025.9The company declared a dividend of $0.05 per share. The dividend will be paid on 31 August 2024.