AF5111 Accounting for Corporations 2017/2018 Semester 1Assignment 1 The following trial balance has been extracted from the records of Proust Ltd as at 31 December 2017.Proust LtdTrial balance as at 31 December 2017Notes Dr Cr$000 $0004% Debentures 1 500Administrative expenses 2,260Allowance for doubtful debts, 1 January 2017 2 20Bank overdraft 340Cash and bank 280Corporation tax 3 30Cost of sales 6,650Investment 4 1,740Distribution costs 2,760Dividends paid 80Interest expense 90Inventory, 31 December 2017 440Investment income 260Ordinary shares (450,000 shares) 5 900Preference shares (400,000 shares) 400Loss from discontinued operations 440Other operating income 590Property, plant and equipment: 6at cost/valuation 5,930accumulated depreciation, 1 January 2017 3,150Retained profits, 1 January 2017 780Revaluation surplus 6 640Sales 12,550Sales of non-current assets 480Trade and other payables 720Trade and other receivables 63021,330 21,3302The following additional information is availa...
