1. Below is the Trial Balance of Golden Arc Limited for the year ending December 31,...

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1. Below is the Trial Balance of Golden Arc Limited for the year ending December 31, 2020 Debit Credit $000 $000 Revenue 84,600 Cost of sales 51,560 Other operating income 2,400 Administrative expenses 10,912 Distribution costs 13,390 Interest paid 400 Ordinary dividend paid 6,000 Cash and bank 15,403 Trade receivables 12,500 Closing stock 5,780 Trade payables 2,900 Property, plant and equipment 16,500 Allowance for depreciation 7,000 8% Long term receivable 12,000 Deferred tax payable 820 10% Long-term loans 6,000 Revaluation reserve 2,000 Ordinary share capital at January, 1 2020 26,000 General reserve at January 1, 2020 7,000 Retained profits at January 1, 2020 5,750 Corporation tax under-provision 25 144,470 144,470 The 2020 financial statements were approved by the board of directors on April 6, 2021. The weighted average number of ordinary shares issued during 2020 amounted to 26,000,000. Semester II 2020 2021 1. Below is the Trial Balance of Golden Arc Limited for the year ending December 31, 2020 Debit Credit $000 $000 Revenue 84,600 Cost of sales 51,560 Other operating income 2,400 Administrative expenses 10,912 Distribution costs 13,390 Interest paid 400 Ordinary dividend paid 6,000 Cash and bank 15,403 Trade receivables 12,500 Closing stock 5,780 Trade payables 2,900 Property, plant and equipment 16,500 Allowance for depreciation 7,000 8% Long term receivable 12,000 Deferred tax payable 820 10% Long-term loans 6,000 Revaluation reserve 2,000 Ordinary share capital at January, 1 2020 26,000 General reserve at January 1, 2020 7,000 Retained profits at January 1, 2020 5,750 Corporation tax under-provision 25 144,470 144,470 The 2020 financial statements were approved by the board of directors on April 6, 2021. The weighted average number of ordinary shares issued during 2020 amounted to 26,000,000. Semester II 2020 2021