(a) Using the trial balance and additional information provided above, prepare in the appropriate format a statement of financial position as at 30 June 2020 with the profit for the year as the balancing figure. (20 Marks) (b) Briefly explain the 'duality' concept. (5 Marks) (Total 25 marks) Alpha Ltd has the following Trial balance as at 30 June 2020: Trail balance as at 30 June 2020 E Dr Cr 532,650 245,760 21,300 54,600 42,600 3,260 4,210 21,400 50,000 Sales Purchases General expenses Distribution expenses Selling expenses Sales returns purchases returns Rent 10% Debentures Property at cost Plant & Machinery at cost Equipment at cost Cash at bank Cash in hand Trade receivables Trade payables Inventory as at 1 July 2019 Property Accumulated depreciation 1 July 2019 Plant & Machinery Accumulated depreciation 1 July 2019 Equipment Accumulated depreciation 1 July 2019 Share capital Share premium Bank loan Retained profit as at 1 July 2019 Interest on debentures 120,000 90,000 50,000 56,790 10,200 61,230 42,350 31,250 14,400 28,000 13,550 42,580 12,700 45,000 26,450 3.500 811,890 811,890 Arrin intentionari: Additional information is provided: i. The closing inventory as at 30 June 2020 is valued at 41,500. ii. The provision for depreciation on building is 3% on cost; Equipment is charged at 10% on a reducing balance basis; and Plant & Machinery on a straight-line basis. The estimated useful life of the plant & machinery is 12 years and the residual value at the end of the useful life is estimated 4ENCEC02W Corporate Financial Accounting Page 2 of 3 iv. at 6,000 The company has decided to revalue the building to 450,000 and to continue to maintain depreciation at the rate of 3% per annum on the revalued costs. An amount of 12,000 for six months' rent for the period ending 31 August 2020 was paid on 1 February 2020. Interest on the Bank loan at the rate of 3% per annum is still outstanding at the end of June 2020. 6.200 of selling expenses were still outstanding at the end of 30 June 2020 V. vi