A-Answer ALFREE Questions in Section A QUESTION 1-35 Marks You have been asked to help with the financial statements of RugsAway Ltd for the year ended 31 March 2022. A trial balance as at 31st March 2022is shown below. Revenue 75,332 Purchases 54,778 Property, plant & Equipment-cost 61,088 Property, plant & Equipment- accumulated depreciation 25,486 Inventories 1st April 2021 7,865 Interest 200 Accruals 2.426 Distribution Costs 8,985 Administrative Expenses 7,039 Retained Earnings 23,457 Trade Receivables 9,045 Cash at bank 182 8% Bank loan repayable 2040 5,000 Share capital 10,000 Share premium 5,000 Trade payables 2,481 149,182 149,182 The following further information is available: 1. The share capital of the company consists of ordinary shares with a nominal value of 1 each. 2. The directors propose a final dividend of 150,000 for the current year. Depreciation of 10% straight line on Plant and Equipment is included in administration expenses. 4. The inventories at the close of business on 31st March 2022 cost 8,407,000. Included in this figure are inventories that cost 480,000, but which can be sold for only 180,000 5. Inventory costing 8,000, purchased on credit on 28 March 28 2022, has not been accounted for or included in the physical count on 31 March 2022 6. Transport costs of 157,000 relating to March 2022 are not included in the trial balance as the invoice was received after the year-end 7. Interest on the bank loan for the last six months of the year has not been included in the trial balance. 8. The corporation tax charge for the year has been calculated as 235.000 9. The directors have decided to transfer 1,000,000 from retained profit into a general reserve. REQUIREMENTS: position' and a 'statement of changes in equity for RugsAway Ltd, for the year ended 31st March 2022 Prepare a 'statement of profit or loss and other comprehensive income', a 'statement of financial in accordance with IFRS/IAS. (All workings should be clearly shown). Page 2 of 6 (Total marks: 35 marks)