A final inventory count on March 31,2022 revealed that 56.8 million worth of inveatory at ceat had not yet been recorded. Of that amount, 7% was found to be obsolete and should be written off. Inventory purchases are ordinarily recorded in cest of sales, but any wrise-offs are churged to other operating expenses. Other inceme For interest inceme, the amount shown in the trial balance represents only a half of the amount earned for the year, while royaltics carned but not yet received amount to 52.2 millich. Tasation Taxable profits reported for the current year of assessment amounted to 5477milli. The overprovision on the trial halance above relates to prior year taxes which have since been paid The entity has accumulated taxable femporary difference of 5126 million, which docs not inclode the effect of the revaluations on property, plaat and equipenent. The deferred tax asset currently reflected in the trial balance arose solely froen transactions charged to the statement of profit or lass. The current corporation tax rate is 30%. REQUIRED: a) Prepare the statement of profit or loss and other coenprehensive income for the year ended March 31, 2022 ( 9% marka) b) Prepare the statement of changes in equity for the year ended March 31, 2022 (14 marks) c) Prepare the statement of financial position as at March 31. 2022 (234 marks) d) Calculate the basic earnings per share for the year ended March 31, 2022. (3 marks) NB. The EPS calculations should take into account the impoct of any additional shares issued during the year. c) Prepare all relevant workings and explanations, including, but not limited tor - compoebensive listing of ALL journal entries - a fixed assets schedule - an intungible assets schedule - an expense schedule - all other appropriate supporting calculations (5) marks) NB. As there are well over 100 individual journal entries to be recorded, these are beavily weighted and so mast be thoroughly and accuralely done if maximam marks are to be actuieved. Please note that you MILSI cress-reference all componite figures presented in the financial statements te their assaciated workings theegh the ute uf note nuaitern. Addininnally. werkings mast be presented in the same order as the nete nunbers to which they are A final inventory count on March 31,2022 revealed that 56.8 million worth of inveatory at ceat had not yet been recorded. Of that amount, 7% was found to be obsolete and should be written off. Inventory purchases are ordinarily recorded in cest of sales, but any wrise-offs are churged to other operating expenses. Other inceme For interest inceme, the amount shown in the trial balance represents only a half of the amount earned for the year, while royaltics carned but not yet received amount to 52.2 millich. Tasation Taxable profits reported for the current year of assessment amounted to 5477milli. The overprovision on the trial halance above relates to prior year taxes which have since been paid The entity has accumulated taxable femporary difference of 5126 million, which docs not inclode the effect of the revaluations on property, plaat and equipenent. The deferred tax asset currently reflected in the trial balance arose solely froen transactions charged to the statement of profit or lass. The current corporation tax rate is 30%. REQUIRED: a) Prepare the statement of profit or loss and other coenprehensive income for the year ended March 31, 2022 ( 9% marka) b) Prepare the statement of changes in equity for the year ended March 31, 2022 (14 marks) c) Prepare the statement of financial position as at March 31. 2022 (234 marks) d) Calculate the basic earnings per share for the year ended March 31, 2022. (3 marks) NB. The EPS calculations should take into account the impoct of any additional shares issued during the year. c) Prepare all relevant workings and explanations, including, but not limited tor - compoebensive listing of ALL journal entries - a fixed assets schedule - an intungible assets schedule - an expense schedule - all other appropriate supporting calculations (5) marks) NB. As there are well over 100 individual journal entries to be recorded, these are beavily weighted and so mast be thoroughly and accuralely done if maximam marks are to be actuieved. Please note that you MILSI cress-reference all componite figures presented in the financial statements te their assaciated workings theegh the ute uf note nuaitern. Addininnally. werkings mast be presented in the same order as the nete nunbers to which they are
