I need help with this, thanks in advance.

>> TAKE IT FURTHER >> Question 3.4 . Since the year end, a customer of Textiles Limited has gone into liquidation owing 50,000. Textiles Limited does not expect to receive any cash from this trade receivable. The allowance for receivables is to be adjusted to 4% of trade receivables after deducting known irrecoverable debts. All irrecoverable debts and the movement in the allowance for receivables are to be charged to administration expenses. Depreciation for the year to 30 June 2019 still has to be calculated. Plant and machinery is to be depreciated at 20% straight line and motor vehicles are to be depreciated at 25% reducing balance. Plant and machinery depreciation should be charged to cost of sales and motor vehicle depreciation should be charged to distribution and selling expenses. Taxation on the profit for the year is to be calculated as 25% of the profit before tax Required Prepare the statement of profit or loss for the year ended 30 June 2019 and the statement offi- nancial position at that date in a form suitable for publication in accordance with Intemational Financial Reporting Standards. The following figures have been extracted from the accounting records of Textiles Limited, a cloth manufacturer and wholesaler, at 30 June 2019: Assets and Income, liabilities expenses and equity 000 000 Plant and machinery: cost 3,000 Plant and machinery: accumulated 1,200 depreciation at 30 June 2018 Motor vehides: cost 800 Motor vehicles: accumulated depreciation 400 at 30 June 2018 Trade receivables 1,050 Cost of sales 4550 Sales returns (already deducted from trade 150 receivables) Issued share capital 200 Trade payables 300 Finance expense 110 Purchase returns (already deducted from trade 4:43:50 PM-389065K-84.680 23 payables) Administration expenses 700 Bank overdraft 200 Selling and distribution costs 1,000 Sales 7,550 Discounts received (already deducted from 125 trade payables) Loan (due for repayment on 30 June 2027) 1,000 Retained earnings at 30 June 2018 545 Inventory at 30 June 2019 300 Allowance for receivables at 30 June 2018 60 11,660 11,660 Additional information Audit and accountancy fees (to be charged to administration expenses) of 10,000 have not been taken into account at 30 June 2019. Administration expenses include payments for insurance premiums of 30,000 for the 12 months to 31 December 2019