BID entre for angor Unive SECTION A: Answer both questions Question 1: (25 marks) wer PART A (20 marks) Prepare the financial statements for Delta for the year ended 31" December 2017. A trial balance as at 31st December 2017 is shown below: Cr. Dr. E000 000 out the forn es are prow 63,000 Sales Purchases 38,000 70,000 Property, Plant and Equipment - Cost Property, Plant and Equipment- Accumulated Depreciation Inventories as at 1 January 2017 30,000 8,500 ISlar 500 Interest expense Accruals Distribution costs Administrative expenses Retained earnings as at 1 January 2017 Trade receivables Cash at bank 8% bank loan repayable 2021 Share capital: ordinary @E1 nominal value Share premium Trade payables 800 6,000 6,000 ogramm Foupdat Year 1 21,500 7,500 Year 2 ear 3 1,500 6,000 11,200 4,000 stion F 1,500 138,000 138,000 sheet urely Additional information provided to you: a) Management decided not to distribute divided for this year. b) 800,000 included in sales figure is on credit and is for the month of January 2018. c) Closing inventories amounted to 5,500,000. In this amount, inventories cost 300,000, but can be sold for only 150,000. d) 150,000 transportation cost is not included in the trial balance, since the invoice was received after the year end. e) Interest expense for the last 6 months has not been included Corporate tax rate is 30 % of taxable income. Given the above information, now prepare the statement of comprehensive income for the year ended 31st December 2017 and the statement of financial position as at that date