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13. The following balances have been extracted from the accounts of Radnor plc on 31 December 2019: '000 '000 Ordinary Shares (1 nominal value) 10%
13. The following balances have been extracted from the accounts of Radnor plc on 31 December 2019: '000 '000 Ordinary Shares (1 nominal value) 10% Debentures Share premium account Dividends on Equity Shares Retained Earnings Freehold Buildings at cost Delivery Vans Accumulated depreciation Delivery Vans (at 1/01/2019) Plant & equipment at cost Accumulated depreciation Plant & equipment (at 1/01/2019) Allowance for Irrecoverable Receivables Purchases Sales Revenue Administrative salaries Selling & Distribution Expenses Inventory (at 1/01/2019) Trade receivables Trade payables Bank Balance Interest expense 4,200 1800 290 280 850 1,600 1,500 225 1.000 220 40 960 2,450 500 480 170 1500 180 2200 65 10,255 10,255 Additional Notes: 1. Closing Inventory at 31 December 2019 was valued at 450,000 2. The allowance for irrecoverable receivables is to be increased to 120,000 for year ended 31 December 2019. 3. Included in administration expenses, above, is an amount prepaid of 105,000 4. Administration expenses of 35,000 used in December 2019 is to be accrued. 5. Debenture interest of 115,000 for the year is to be accrued. 6. Depreciation is to be allocated to distribution expenses and charged as follows: Plant and equipment: Straight-line method over 10 years with no residual value Delivery vans: 15% per annum straight line method with no residual value. Freehold Buildings: no depreciation. 7. Corporation tax of 30,000 will be payable on the current year's profits. Required: From the table and additional notes: a. Prepare the Statement of Profit or Loss for Radnor plc for the year ended 31 December 2019 (26 marks) b. Prepare an extract of only the asset section of the Statement of financial position for the year 31 December 2019. (14 marks) YOU ARE required to show all workings clearly (Total 40 marks) Paint X ute
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