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

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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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