(3) Allowance for impairment of receivables is estimated at $1,600 as at 31 December 2009. (4) The interest on debentures is due semi-annually on 1 January and 1 July. DR () On 31 December 2009, the directors proposed dividends and were approved by shareholders in the Extraordinary General Meeting on the same day. For ordinary shares, it was a cash dividend of 2 cents per share. Cumulative preference dividends were in artears for the year ended 31 December 2008. All dividends have yet to be paid as at 31 December 2009. These transactions have yet to be accounted for in the books. On 30 November 2009, a customer filed a claim to sue the company for breach of contract amounting to $20,000. As at year-end, the case is still pending. The directors and the legal advisers of the company are of the opinion that the claim is likely to succeed. (7) It was discovered during the year-end stock take that the ending stock included damaged goods of $50,000, with a sales value estimated at $10,000. Anderson Ltd, a company engaged in the trading of electrical appliances, has the following balances as at 31 December 2009: DR CR $ $ Sales 931,000 Interest income 20,000 Dividend income quoted investment 2,500 unquoted investment 4,500 Cost of good sold 129.250 Inventory (31 December 2009) 487.000 Staff salary 101,500 Employer's CPF contributions 29,500 Salesmen commissions 24.000 Legal admin expenses 30,000 Office rental 26.000 Impaiment loss (of receivables) 9,000 Administrative expenses 6,000 Interest on debentures 8,000 Staff training expenses 27 500 Ordinary shares, fully paid at $1 each 800,000 8% Cumulative preference shares, fully paid at $1 each 500,000 8% Debentures (due 2013) 200,000 Retained profits (1 January 2009) 200,000 Cash at bank 60.000 Trade debtors 70.250 Prepaid rent 20.000 Trade creditors 130,000 Freehold land 1,000,000 Investment - quoted 84.000 - unquoted 33.000 Buildings (at cost) 840,000 Delivery Motor Vehicles (at cost) 74,000 Fumiture & Office equipment (at cost) 33,000 Accumulated depreciation (1 January 2009) Buildings 267,500 - Delivery Motor vehicles 19.000 Furniture & Office equipment 17.500 On 31 December 2009, the company issued bonus shares out of the retained profits to the ordinary shareholders on the basis of 1 bonus share for 10 shares held. Each bonus share is valued at $1 each. The bonus shares are not entitled to the dividends approved on 31 December 2009. (9) The current tax rate is 17%. Required: Prepare the following financial statements for the year ended 31 December 2009 for Anderson Ltd in conformance with the requirements of the Singapore Financial Reporting Standards (International) (show all your workings and round off your calculations to the nearest dollar): () Statement of Profit or Loss and other comprehensive income (by default the 'expense by function method is used) (NP.AT: $314,798) (11) Statement of Changes in Equity; and (Ending balance for Ordinary Share Capital = $880,000 Pref Share Capital = $500,000 Revaluation reserve = $100,000 Retained Profits = $338,798 Total = $1,818,798) 3,092,000 3,092,000 (111) Statement of Financial Position & Note for PPE. (Ending balance: $2,337, 275) (3) Allowance for impairment of receivables is estimated at $1,600 as at 31 December 2009. (4) The interest on debentures is due semi-annually on 1 January and 1 July. DR () On 31 December 2009, the directors proposed dividends and were approved by shareholders in the Extraordinary General Meeting on the same day. For ordinary shares, it was a cash dividend of 2 cents per share. Cumulative preference dividends were in artears for the year ended 31 December 2008. All dividends have yet to be paid as at 31 December 2009. These transactions have yet to be accounted for in the books. On 30 November 2009, a customer filed a claim to sue the company for breach of contract amounting to $20,000. As at year-end, the case is still pending. The directors and the legal advisers of the company are of the opinion that the claim is likely to succeed. (7) It was discovered during the year-end stock take that the ending stock included damaged goods of $50,000, with a sales value estimated at $10,000. Anderson Ltd, a company engaged in the trading of electrical appliances, has the following balances as at 31 December 2009: DR CR $ $ Sales 931,000 Interest income 20,000 Dividend income quoted investment 2,500 unquoted investment 4,500 Cost of good sold 129.250 Inventory (31 December 2009) 487.000 Staff salary 101,500 Employer's CPF contributions 29,500 Salesmen commissions 24.000 Legal admin expenses 30,000 Office rental 26.000 Impaiment loss (of receivables) 9,000 Administrative expenses 6,000 Interest on debentures 8,000 Staff training expenses 27 500 Ordinary shares, fully paid at $1 each 800,000 8% Cumulative preference shares, fully paid at $1 each 500,000 8% Debentures (due 2013) 200,000 Retained profits (1 January 2009) 200,000 Cash at bank 60.000 Trade debtors 70.250 Prepaid rent 20.000 Trade creditors 130,000 Freehold land 1,000,000 Investment - quoted 84.000 - unquoted 33.000 Buildings (at cost) 840,000 Delivery Motor Vehicles (at cost) 74,000 Fumiture & Office equipment (at cost) 33,000 Accumulated depreciation (1 January 2009) Buildings 267,500 - Delivery Motor vehicles 19.000 Furniture & Office equipment 17.500 On 31 December 2009, the company issued bonus shares out of the retained profits to the ordinary shareholders on the basis of 1 bonus share for 10 shares held. Each bonus share is valued at $1 each. The bonus shares are not entitled to the dividends approved on 31 December 2009. (9) The current tax rate is 17%. Required: Prepare the following financial statements for the year ended 31 December 2009 for Anderson Ltd in conformance with the requirements of the Singapore Financial Reporting Standards (International) (show all your workings and round off your calculations to the nearest dollar): () Statement of Profit or Loss and other comprehensive income (by default the 'expense by function method is used) (NP.AT: $314,798) (11) Statement of Changes in Equity; and (Ending balance for Ordinary Share Capital = $880,000 Pref Share Capital = $500,000 Revaluation reserve = $100,000 Retained Profits = $338,798 Total = $1,818,798) 3,092,000 3,092,000 (111) Statement of Financial Position & Note for PPE. (Ending balance: $2,337, 275)