Course : Intermediate Accounting. Can u please answer the questions below
Paint Limited Trial Balance on March 31, 2019 $000 $000 Sales 219,000 Cost of sales 143,600 Closing inventories 12,400 Preference dividends paid 900 20% Long term loan 30,000 Administrative expenses 17,430 Distribution costs 17,020 Other operating expenses 1 ,400 Other operating income 79 Interest paid 4,000 Cash and bank 54,949 Trade debtors 42,480 Prepayments 1 ,000 Trade creditors 8,000 Property, plant & equipment (at cost) 13,000 Allowance for depreciation 4,500 Long term investment 7,800 Ordinary share capital 20,000 15% preference share capital 6,000 Retained prots April 1, 2012 13,300 General reserve 14,500 Corporation tax over-provision 6400 m 215.212 ADDITIONAL INFORMATION 1. There were no disposals of non-current assets during the period. 2. The Board of Directors declared an ordinary dividend of $500,000 on April 30, 2019 in respect of the nancial year ended March 31, 2019. 3. Directors' fees of $700,000 and audit fees of $10,800,000 are outstanding on March 31, 2019. The directors' fees and the audit fees are not yet reected in the accounts, The directors' fees and the audit fees should be classified under administrative expenses. 4. Loan repayment of $5,000,000 (principal) is due on March 31, 2020. The loan repayment is made annually on March 31, each year. No amount for interest or principal loan repayment was outstanding on April 1, 2018. 5. Corporation tax for the financial year ended March 31, 2019 is estimated to be $5,026,000. The corporation tax is not yet reected in the accounts. 6. On April 1, 2018 the company made a bonus issue of $10,000,000 ordinary shares out of general reserves. This transaction is not yet reected in the accounts. 7. The weighted average number of ordinary shares in issue during the nancial year (including the bonus issue) is 30,000,000. 8. The Long term investment is carried at fair value. Changes in the fair value as at March 31, 2019 which were not yet reected in the accounts are as follows: a) a purchase of additional Long term investment of $500,000 during the year; b) a signicant writeoff in the amount of $6,300,000, which was due mainly to the uncertainty in market for similar assets arising from the SARSl Pandemic. 9. Transfer $1,500,000 to general reserves. REQUIRED: a) Prepare the Income Statement for the year ended March 31, 2019 for publication (comparative gures not required). (20 marks) b) Prepare the Statement of Changes in Equity for the year ended March 31, 2019 for publication (comparative gures not required). (15 marks) c) Prepare the Statement of Financial Position as at March 31, 2019 for publication (comparative gures ARE required). (25 marks) d) Prepare the Statement of Cash Flow for the year ended March 31, 2019. (25 marks) a) Prepare the Income Statement for the year ended March 31, 2019 for publication (comparative gures not required). (20 marks) b) Prepare the Statement of Changes in Equity for the year ended March 31, 2019 for publication (comparative gures not required). (15 marks) c) Prepare the Statement of Financial Position as at March 31, 2019 for publication (comparative gures ARE required). (25 marks) d) Prepare the Statement of Cash Flow for the year ended March 31, 2019. (25 marks) Paint Limited Balance Sheet as at March 31, 2018: Assets $000 Non-current assets Property, Plant & Equipment (at cost) 8,500 (Less) Allowance for depreciation (3,500) Long term investment LM Total non-current assets 12,800 Current assets Inventories 12,000 Trade debtors 45,000 Prepayments 2,350 Cash & bank 50,000 Total current assets 109,350 Total assets m Equity and Liabilities Shareholders' equity Ordinary share capital 19,500 15% Preference share capital 6,000 Retained prots April 1, 2018 7,500 General reserve 14,500 Total equity 47,500 Noncurrent Liabilities 20% Long term loan 30,000 Total noncurrent liabilities 30,000 Current Liabilities Trade creditors 11,000 Other payables and accruals 15,100 Corporation tax payable 5,500 Current portion of long term loan 5,000 Ordinary dividend payable 2,050 Interest payable QM Total current liabilities 44,650 Total liabilities 74,650 Total equity and liabilities 1\" END OF EXAM
