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Consider the following data being taken out of the Trial Balance of BB Ltd as at 31 March 2020 DE CA Ordinary shares of $10
Consider the following data being taken out of the Trial Balance of BB Ltd as at 31 March 2020 DE CA Ordinary shares of $10 each $30.000 8% debentures 90.000 General reserve 100.000 Retained profits 135323 Equipment at cost 175.000 Furniture at cost 196.000 Accumulated depreciation - Equipment 89.500 Accumulated depreciation Furniture 147.800 Stock at 31 March 2019 93.683 Accounts Receivable 220.6401 Accounts Payable 91661 Cash at hank 566,662 Purchases 128.820 Sales 530.260 Administrative expenses 73.740 General expenses 85.6091 Directors remuneration 30 364 Distribution costs 100.802 Debenture interest 333600 Interim dividend paid Ordinary shares 13.900 Other expenses 25.720 Total 1714,544 1714 544 The following additional information relating to BB Ltd. is also available: 1 Stork at 31 March 2020 was valued at $60,200 I 2. Furniture costing $43.600, which $28.280 depreciation had been provided, was sold for $11,560 during the year. This transaction has not been recorded because the proceeds of sale has not yet received at year end 3 There was no purchase of fixed assets during the year Depreciation on equipment and furre are provided on straight-line basis on cost at the rate of 10% pa and Spa respectively 4. Accrued distribution costs amount of $5,680 and prepaid other expenses $9.800 were in the year 5. The estimated tax expenses for the year amounting to $13.460. 6 The directors have decided to increase the general reserve up to $120,000 in total Required to prepare a) a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2020, b) a Statement of Changes in Equity, and c) a Statement of Financial Position as it that date
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