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I need help with a, b andc please Ezekiel Limited list of balances on March 31, 2017: Additional information: 1. Transfer $10,500,000 to General reserves.
I need help with a, b andc please
Ezekiel Limited list of balances on March 31, 2017: Additional information: 1. Transfer $10,500,000 to General reserves. 2. On March 31,2017 Ezekiel Ltd issued 500,000 shares $1 nominal value for $3.60 each. 3. Four motor vehicles with a net book value of $23,200,000 was sold for $30,000,000 on March 31, 2017. The buyer made a direct transfer in full to Brown Limited's bank account. This transaction is not yet reflected in the accounts. 4. Corporation tax is estimated at $33,900,000 for the financial year ended March 31 , 2017. This information is not yet reflected in the accounts. 5. Legal fees for the financial year ended March 31,2017 amounted to $18,800,000. This amount is unpaid and is not yet reflected in the accounts. Legal fees should be classified under administrative costs. 6. The company received a 10% long term loan of $500,000,000 on 1 April 2013 . On March 31 each year $100,000,000 is paid on the principal portion of the loan with interest due on March 31 each year. Interest is calculated on a reducing balance method. For financial year March 31, 2017 the transactions related to the loans are not yet reflected in the accounts No loan payment was outstanding on March 31, 2017. No interest payment was outstanding on April 1, 2016. 7. Distribution costs prepaid on March 31,2017 amounted to $2,200,000. The prepayment is not yet reflected in the accounts. 8. The current portion of the long-term receivable amounted to $20,000,000 on March 31, 2017. 9. Weighted average number of ordinary shares for the year was 625,000 . Required: (a) Prepare the Statement of Comprehensive Income for the year ended March 31, 2017. (11 marks) (b) Prepare the Statement of Changes in Equity for the year ended March 31, 2017 (c) Prepare the Statement of Financial Position as at March 31, 2017. The format should reflect total assets (16 marks)Step by Step Solution
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