FACULTY OF COMMERCE, MANAGEMENT AND LAW Question 3 (30 Marks) Inceptus (Pty) Ltd has asked you to help prepare the financial statements for the year ended 30 September 2021. The Trial balance of the company as at 30 September 2021 is set out below: Trial Balance as at 30 September 2021 Ordinary Share Capital Interest Trade Receivables Trade Payables 6% Long term loan Distribution costs Administrative expenses Purchases Sales Retained earnings Bank Inventories as at 1 October 2020 Share Premium Land (cost) Buildings (cost) Fixtures and fittings (cost) Motor Vehicles (cost) Office Equipment (cost) Buildings- accumulated depreciation Fixtures and fittings- accumulated depreciation Motor Vehicles- accumulated depreciation Office Equipment-accumulated depreciation Allowance for credit losses Returns inwards Returns outwards Dividend Dr Cr N$'000 N$'000 21 000 900 20 200 15 490 30 000 12 800 8 228 99 540 134 840 17 820 1930 20 730 5 000 35 900 12 800 6 950 17 320 5970 9 020 4 370 10 030 2 320 620 456 714 7 500 251 224 251 224 Other information: 1) The authorized share capital of the company, all of which has been issued consists of ordinary shares with a par value of N$0.50 each. 2) Inventories at the close of business on 30 September 2021 were valued at cost at N$13 870 000. 3) The corporation tax charge for the year has been calculated as N$5 190 000. 4) The land has been revalued up by professional valuers by N$3 200 000.