Hi, Kindly help me with the following accounting question. Thank you! Will give a like for the right ans To prepare: prepare income statement, statement of changes in equity and statement of financial position

QUESTION 6 Singh Private Limited ended their last financial year on the 31 December 2017. The following unadjusted trial balance was prepared for Singh Private Limited as at 31 December 2017: Debit Credit $ $ Long Term Investment 400,000 Delivery Vans: Cost 160,000 Accumulated Depreciation as at 1 January 2017 64,000 Shop Fittings: Cost 30,000 Accumulated Depreciation as at 1 January 2017 3,000 Inventory as at 1st January 2017 144,600 Trade Receivable 330,720 Provision for Doubtful Debts 1 Jan 2017 9,500 Bad Debts 10,000 Bank Overdraft 50,000 Trade Payable 120,190 Retained Profit as at 1 January 2017 135,040 Term Loan-Due June 2020 40,000 Loan Interest 2,000 Rent Expense 120,000 Business Insurance expense 39,000 Telephone expense 11,100 Salary expense 85,000 Utilities expense 17,600 Advertising expense 10,500 Sales 1,766,590 Directors Remuneration 52,000 Purchases 997,700 Equity Dividends paid 20,000 Preference shares @$1.00 par 100,000 Share capital @ $1.00 par 50,000 Share Premium 43,000 General Reserves 50,000 Suspense Account 1,100 Total 2,431,320 2,431,320 The following additional information was available: 1. The following should be noted regarding the bank balance. 1. Bank charges for $2,000 debited to the bank statement remain unrecorded at year-end. II. A cheque for $2,500 for December salary was recorded in the books only in January 2018. III. $20,000 received from a receivable account had been entered twice in the books. 2. The inventory was valued at $200,000 as at 31 December 2017 at sales value. Included in the closing stock were some damaged goods costing $5,000. These goods were subsequently sold in January 2018 for $4,000. Transportation cost of $500 was incurred. The company profit margin is 50%. 3. The business insurance accounts reflects insurance premium paid for twelve months starting from 1st March 2017 4. A Bad Debt of $5,000 is to be written off and a provision of 1 % against the remaining trade receivable as at 31 December 2017 should be reflected at year-end. 5. The unpaid interest on the loan was paid only on 1 January 2018. Interest rate on the loan is 10% per annum. 6. A delivery van, the cost of which is $20,000 and accumulated depreciation of $8,000 was sold in December 2017, the sales proceeds of $20,000 being credited to the sales account. No other entries have been made for this disposal. No depreciation is charged in the year of sale. 7. Depreciation is to be provided at the following rates per annum using the method as indicated. Shop fittings -10% using reducing balance Method. Delivery Vans-On cost using the straight line method. The entire fleet of delivery vans was purchased on the 1st January 2015. Assume zero residual values. 8. The utility expense for the month of December 2017 of $1,500 was unpaid as at 31 December 2017. 9. Taxation expense of $20,000 for the year ended 31 December 2017 remains unpaid at year-end. 10.Provision is to be made for unpaid audit fees of $10,000 for the year- ended 31 December 2017. 11. Director's remuneration of $4,000 remains unpaid at year-end. 12. During the year, 20,000 ordinary shares were issued at $1.50 per share, the sales proceeds of which were credited to the sales account 13. $5,000 from the retained profit is to be transferred to the general reserves 14. The Preference shares are redeemable on the 31 December 2021 and carry a fixed dividend rate of 5% per annum. 15. The suspense account created was due to the following errors. a. A cheque written for $1,000 was recorded in the telephone expense account as $100. b. Director's remuneration paid for $2,000 was not recorded in the director remuneration account. C. A sales invoice of $2,000 was recorded in the sale account at $200. Required: a) Prepare an Income Statement, a Statement of Changes in Equity for the year-ended 31 December 2017 and a Statement of Financial Position as at that date in a form suitable for presentation to the directors of the company. (25 marks) THE END QUESTION 6 Singh Private Limited ended their last financial year on the 31 December 2017. The following unadjusted trial balance was prepared for Singh Private Limited as at 31 December 2017: Debit Credit $ $ Long Term Investment 400,000 Delivery Vans: Cost 160,000 Accumulated Depreciation as at 1 January 2017 64,000 Shop Fittings: Cost 30,000 Accumulated Depreciation as at 1 January 2017 3,000 Inventory as at 1st January 2017 144,600 Trade Receivable 330,720 Provision for Doubtful Debts 1 Jan 2017 9,500 Bad Debts 10,000 Bank Overdraft 50,000 Trade Payable 120,190 Retained Profit as at 1 January 2017 135,040 Term Loan-Due June 2020 40,000 Loan Interest 2,000 Rent Expense 120,000 Business Insurance expense 39,000 Telephone expense 11,100 Salary expense 85,000 Utilities expense 17,600 Advertising expense 10,500 Sales 1,766,590 Directors Remuneration 52,000 Purchases 997,700 Equity Dividends paid 20,000 Preference shares @$1.00 par 100,000 Share capital @ $1.00 par 50,000 Share Premium 43,000 General Reserves 50,000 Suspense Account 1,100 Total 2,431,320 2,431,320 The following additional information was available: 1. The following should be noted regarding the bank balance. 1. Bank charges for $2,000 debited to the bank statement remain unrecorded at year-end. II. A cheque for $2,500 for December salary was recorded in the books only in January 2018. III. $20,000 received from a receivable account had been entered twice in the books. 2. The inventory was valued at $200,000 as at 31 December 2017 at sales value. Included in the closing stock were some damaged goods costing $5,000. These goods were subsequently sold in January 2018 for $4,000. Transportation cost of $500 was incurred. The company profit margin is 50%. 3. The business insurance accounts reflects insurance premium paid for twelve months starting from 1st March 2017 4. A Bad Debt of $5,000 is to be written off and a provision of 1 % against the remaining trade receivable as at 31 December 2017 should be reflected at year-end. 5. The unpaid interest on the loan was paid only on 1 January 2018. Interest rate on the loan is 10% per annum. 6. A delivery van, the cost of which is $20,000 and accumulated depreciation of $8,000 was sold in December 2017, the sales proceeds of $20,000 being credited to the sales account. No other entries have been made for this disposal. No depreciation is charged in the year of sale. 7. Depreciation is to be provided at the following rates per annum using the method as indicated. Shop fittings -10% using reducing balance Method. Delivery Vans-On cost using the straight line method. The entire fleet of delivery vans was purchased on the 1st January 2015. Assume zero residual values. 8. The utility expense for the month of December 2017 of $1,500 was unpaid as at 31 December 2017. 9. Taxation expense of $20,000 for the year ended 31 December 2017 remains unpaid at year-end. 10.Provision is to be made for unpaid audit fees of $10,000 for the year- ended 31 December 2017. 11. Director's remuneration of $4,000 remains unpaid at year-end. 12. During the year, 20,000 ordinary shares were issued at $1.50 per share, the sales proceeds of which were credited to the sales account 13. $5,000 from the retained profit is to be transferred to the general reserves 14. The Preference shares are redeemable on the 31 December 2021 and carry a fixed dividend rate of 5% per annum. 15. The suspense account created was due to the following errors. a. A cheque written for $1,000 was recorded in the telephone expense account as $100. b. Director's remuneration paid for $2,000 was not recorded in the director remuneration account. C. A sales invoice of $2,000 was recorded in the sale account at $200. Required: a) Prepare an Income Statement, a Statement of Changes in Equity for the year-ended 31 December 2017 and a Statement of Financial Position as at that date in a form suitable for presentation to the directors of the company. (25 marks) THE END