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Question 2 COVID The following trial balance relates to COVID at 30 September 2013. Rs.000 Rs. 000 5% Loan note (note (i)) 11,000 Administrative expenses 74,310 Bank 20,000 License 14,000 Bank Loan 10,000 Cost of sales 147,860 Salaries payable 12,370 Distribution costs 87,690 Interest paid - loan note 550 Interest paid - Bank loan 400 Inventories - 30 September 2013 53,870 Investment income 1,480 Buildings cost (note (ii)) 611222 Accumulated Depreciation 1 Oct 2012 16,600 Ordinary Rs.10 share capital 60,000 Trade Payables 42,130 Plant and Machinery cost 43,500 Accumulated depreciation 1 Oct 2012 8,700 Retained earnings - 1 October 2012 10,750 + 611222 Revenue 356,750 Trade receivables 87,600The following notes are relevant: {i} CDVID issued at the start ofthe year, Rs.11 million 5% loan note which allows for a large premium on redemption. This gives the loan note an effective interest rate of 9% per annum. Issuance cost ofthese loan notes was Rs.310,000 that has been charged to Administrative expenses. {ii} The Buildings had remaining life of40 years at 15t October, 2012. The plant and equipment is depreciated at 20% per annum on the reducing balance basis. License was acquired on 1st April, 2013 and had validityr of5 years. No depreciation has been charged on any asset for the year. Buildings depreciation is charged to administrative expenses, whereas depreciation on plant and machine and amortisation of License is charged to cost of sales. {iii} A provision forincome tax forthe year ended 30 September 2013 of Rs.11215004 is required. {iv} CDVID received a grant from Government against some revenue expenditures ofs. 990298 on 1st April, 2013 with a condition of 1.5 years till 30th September, 2014. This was not recorded in accounts at all. {v} COVID sold 90,000 units under 3 months' warranty claim during the year, and it is expected that 15% of units under valid warranty at 30th September, 2013 may receive a warranty claim for repairs. 80% would be minor defects, repaired for Rs.150 per unit and 20% would be major faults, repaired for Rs.240 per unit. No provision has been recorded by CDVID for warranties until yearend. Required: {a} Prepare the statement of profit or loss for COVID for the year ended 30 September 2013. [15 marks.) {b} Prepare the statement offinancial position of CD'v'lD as at 30 September 2013. [15 marks]