Financial Accounting December 2020 Case Exercise (adapted from FIA FFA ACCA Paper F3) Woburn Ltd is a business selling toiletries to hotels and spas. It has been operating for a number of years. The ledger of Woburn Ltd. contains the following account balances as at 31 December 2019, the end of the financial year. WOBURN Ltd TRIAL BALANCE AS AT 31 December 2019 Debit 235,000 Credit 402,200 50,000 68.800 22,600 1,500 11,300 36.000 Purchases Sales Inventory, as at 1 January 2019 Wages and salaries Selling expenses Loan interest Other operating expenses Trade payables Trade receivables Cash in hand and at bank Property, at cost Equipment, at cost Accumulated depreciation (as at 1 January 2019) on property on equipment Dividends paid 5% long-term loan Ordinary shares El. as at 1 January 2019 Retained profits, as at 1 January 2019 38,000 1,600 120,000 80,000 20,000 38,000 24,000 30,000 80,000 46.600 652.800 652.800 The following additional information as at 31 December 2019 is available: a) Closing inventory has been valued at cost at 42.000 b) Depreciation for the year ended 31 December 2019 has still to be charged as follows: Property: 1.5% per annum using the straight-line method Equipment: 25% per annum using the reducing balance method Required: I) Prepare Woburn Lid's Statement of Profit and Loss and the Statement of Changes in Equity for the year ended 31 December 2014 and the Statement of Financial Position as at that date. Provide the statements with proper headings (Ignore Taxation)