Question
Fredo has the following trial balance at 31 December 2017 Ordinary Share Capital (1 shares) 800,000 Share premium 200,000 Property at cost 945,000 Property accumulated
Fredo has the following trial balance at 31 December 2017
| ||
Ordinary Share Capital (1 shares) |
| 800,000 |
Share premium |
| 200,000 |
Property at cost | 945,000 |
|
Property accumulated depreciation |
| 120,000 |
Machinery at cost | 660,000 |
|
Accumulated depreciation on machinery |
| 240,000 |
Revenue |
| 750,400 |
Purchases | 315,680 |
|
Inventory at 1.1.2017 | 195,300 |
|
Retained earnings |
| 245,660 |
Distribution and selling costs | 110,000 |
|
Administrative expenses | 98,850 |
|
5% Loan redeemable 2025 |
| 80,000 |
Tax provision |
| 1,200 |
Cash and cash equivalents |
| 2,370 |
Interest paid | 2,000 |
|
Trade receivables | 55,000 |
|
Trade payables |
| 37,200 |
Dividend paid | 20,000 |
|
Investments | 75,000 |
|
| 2,476,830 | 2,476,830 |
Additional information:
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Required:
Prepare the statement of financial position, statement of changes in equity and statement of profit or loss for the year ended 31.12.2017, in accordance with international accounting standards.
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