Essays (NB: Please save frequently or type in a word editor then upload your file or copy and paste here) Phillippe Bent prints and publishes study materials. She has prepared the following trial balance as at 30 June 2017: Dr $ Purchases 60 000 Inventory at 1 July 2016 10.000 Administrative and selling expenses Discount allowed Sales Distribution costs Trade receivables Bank balance Capital account at 1 July 2016 Discount received 6% Bank loan Non-current assets at carrying amount Capital introduced in the year 13 200 5 600 12 200 1550 Loan interest paid Drawings Trade payables Wages Suspense Cr $ 120 000 4 150 73 100 2 500 10 000 102 500 5 000 300 8 000 5 600 15 000 8 000 228 350 228 350 The following is to be taken into account. Inventory valuation at 30 June 2017 was $12 000 Phillippe decided to write off an irrecoverable receivable of $1000. This should be accounted for as an administrative and selling expense. The wages cost should be split equally between cost of sales and administrative and selling expenses. Discounts allowed should be accounted for as an administrative and selling expense. The bank loan was taken out on 1 July 2016 The depreciation charge for the year of $5 000 on property, plant and equipment has not yet been accounted for. It should be classified as a cost of sale. The balance on the suspense account represents the proceeds from the disposal of an item of property, plant and equipment. At the date of disposal, that item had a net carrying amount of $10 000. The gain or loss on disposal should be accounted for as a cost of sale. Prepare the statement of profit or loss for the year ended 30 June 2017, together with the statement of financial position as at 30 June 2017 on behalf of Phillippe Bent. (30 marks) (30 marks)