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Following information is available for the year 2020 of ABC SAOG. You are required to prepare Statement of comprehensive income and Statement of financial position.

  1. Following information is available for the year 2020 of ABC SAOG. You are required to prepare Statement of comprehensive income and Statement of financial position.

Share premium

728,526

Legal reserve

1,134,166

Revaluation reserve

14,644,500

Trade and other payables

10,020,506

Taxation payable

238,108

Directors remuneration

54,000

Taxation expenses

384,036

Property, plant and equipment

20,226,258

Revenue

43,627,562

Cost of sales

30,950,720

Finance costs

452,636

Administrative and general expenses

2,072,896

Other operating income

74,020

Inventories

6,705,426

Trade and other receivables

10,348,144

Assets held-for-sale

11,571,592

Cash and bank balances

1,291,814

Retained earnings (opening)

6,131,332

Long term loans

7,080,676

Share capital

3,402,500

Selling and distribution expenses

8,092,802

Current portion of long term loans

1,496,136

Short term borrowings

3,572,292

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