$1.$a$)$ Recycled Plastics Ltd is a company with the following capital structure:

Authorised Issued share capital share capital

P P

Ordinary shares of P$110000050000$

$5\%$ Preference shares of P$110000080000$

There were no changes to the number of shares in issue during the year.

The retained earnings brought forward on $1$ May $2020$ were P$8000.$

During the year ended $30$ April $2020,$ the company made a profit of P$40000.$

On $30$ April $2021$ it was agreed to effect:

$1.$ Transfer P$20000$ to the general reserve

$2.$ Payment of preference share dividend

$3.$ Payment of final dividend of P$0\mathrm{.}05$ per share on the ordinary shares.

An interim dividend of P$0\mathrm{.}02$ per share had been paid to the ordinary shareholders on

$31$ December $2020.$

Required: Prepare the profit and loss appropriation account for the year ended $30$ April $2021.(10)$

$1.$b$)$ The following balances remained in the ledger of Gayson Limited after the preparation of the income statement for the year ending $31$ March $2021.(20)$

Inventory P$8,134$

Accounts receivable P$6,468$

Ordinary share capital P$8,000$

Share premium P$1,000$

Accounts payable P$5,601$

Balance at bank P$579$

Revaluation reserve P$2,000$

Retained earnings P$28\mathrm{.}887$

Net profit for the year to $31$ March $21$ P$4,377$

Non$-$current assets at cost$,$ less depreciation P$44,626$

Tax liability P$1,382$

Long term loan P$10,000$

The directors propose:

i$)$ There were no transfers to general reserve

ii$)$ Payment of dividends were as follows: Interim dividend P$480$ and Final dividend for $2014,$ P$960$

Required: Prepare a statement of financial position as at $31$st March $2021.$