Question
1. The Distance Runner LTD had the following data at the end of 2021: Statement of financial position as at December 31: 2020 2021
1. The Distance Runner LTD had the following data at the end of 2021: Statement of financial position as at December 31: 2020 2021 $ $ $ $ S Non-Current Assets Cost Depu NBV Cost Depa NBV Goodwill 110,000 35,000 Building 250,000 250,000 275,000 275,000 Equipment 210.000 15.000 195.000 290,000 35,000 255,000 555,000 565,000 Current Assets Stock 32,000 25,000 Short term investment 15,000 25,000 Debtors 12,000 16,000 Bank 10,000 0 Cash 12.000 81.000 6.000 72.000 636.000 637.000 Capital & Reserves Share capital ($1 ord shares) 220,000 210,000 Share premium 15,000 15,000 General reserves 37,000 47,000 Retained earnings 121,000 393,000 257.000 529,000 Non-Current Liabilities 10% Debenture Current Liabilities: Creditors Bank overdraft Tax Payable Dividends 202,000 37,000 17,000 0 14,000 22,000 5,000 19,000 10.000 41.000 636,000 25.000 71.000 637.000 Condensed statement of profit or loss Sales 2021 $ 950,000 Gross profit 550.000 Profit before tax 325,000 Tax (145.000) Profit after tax 180,000 Dividends (34,000) Transfer to reserves (10.000) Profit for the year 136,000 Retained earnings bid 121.000 Retained earnings cd 257.000 Footnotes: During the year equipment costing 35,000 with a book value of 28,000 was sold at a loss of 5,000.
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