Debit Rs Credit Rs 68,000 100,000 324,700 200,000 246,807 214,900 The following trial balance was extracted from the books of Hampton Limited (Hampton), a company with a number of retail shops, as at 31 December 2021: Motor Vehicles Investments - 6% Trade receivables Intangible Assets Trade Payables Fixtures & fittings (i) Hampton's year-end inventory amounted to Rs 89,120 valued at cost. Included in this amount Is some inventory which has been damaged and is beyond repair. The cost of this damaged inventory is Rs 3,250. Hampton can sell it at 70% of the selling price and normally makes a mark-up of 40% on cost. (ii) Hampton purchased some fixtures and fittings on 1 April 2021 for Rs 60,000 plus import duties of Rs 2,900. The import duties were included in Administrative expenses and credited to the bank upon payment. (iii) Depreciation is to be charged as follows: Premises 2% straight line on cost Fixtures & fittings 20% reducing balance Share Premium 20,000 Distribution Costs 265,874 Share Capital - 100,000 at Rs1.30 each Current Tax Payable Revenue Accumulated depreciation - Premises Revaluation surplus Investment Income Bank Accumulated Amortisation of Intangible Assets 130,000 1,200 1,687,542 387,500 10,520 4,800 2,413 Motor Vehicles 15% straight line on cost (iv) Depreciation is charged in full in the year of purchase and none in the year of sale. (v) All of the relevant expenses in the trial balance are to be split evenly between Administrative expenses and distribution costs, respectively. (vi) Hampton sold 40,000 shares for Rs 75,000 and lodged the money to the bank. Retained earnings Allowance for bad debts 40,000 482,222 12,458 Purchases 897,541 Administrative expenses 325,887 Opening Inventory 78,654 Accumulated depreciation - motor vehicles Long Term loan Accumulated depreciation - fixtures & fittings 24,560 124,750 145,784 (vii) The intangible asset has a finite useful life and was reviewed on 1 January 2021. From the review, it was identified that the intangible asset's useful economic life is now 10 years from the date of the review. (vii)Income tax for 2021 is estimated at Rs 40,200. The company paid Rs 28,200 towards this income tax bill on 30 December 2021. (ix) The allowance for bad debts should be at 4% of trade receivables. (x) The balance of the interest that was due on the investments was received in 2022. REQUIRED: Based on IFRS requirement in a form suitable for publication for the financial year ending 31 December 2021: Premises 845,000 3,320,556 (a) Statement of profit or loss and other comprehensive income. 3,320,556 (b) Statement of financial position for Hampton limited. The following information, based on your investigations, has come to light: (20 marks) (20 marks)