IFRS

V24 The trial balance of Beta shows the following balances at 31 December 2021: Dr Cr $000 $000 200 Capital (owners' equity) Foreign currency translation 26 reserve 70 364 60 870 590 26 28 13 80 170 12 Finance costs Retained earnings 1 January 2021 Inventory (raw materials) at 1 January 2021 Sales Purchases Purchases returns Sales returns Carriage outwards Work-in-progress at 1 January 2021 Intangible assets Administrative wages Warehouse plant and equipment -cost Accumulated depreciation - 1 January 2021 Delivery vehicle hire Distribution expenses Administrative expenses Directors' salaries Sales allowances Accounts payable Bank overdraft Accounts receivable Cash at bank Land 332 30 20 10 30 30 17 120 436 380 110 120 2072 2072 Additional information: (1) Inventories at 1 January 2022 were valued at $12,000. Work-in-progress at 1 January 2022 was valued at $3,000 (2) (3) Depreciation charges for the year amounting to $7,000 and $2,000 are to be included in distribution costs and administrative expenses, respectively. (4) The income tax for the year is evaluated as $20,000 (5) There were no disposals of any non-current assets during the year. Land was revalued on 31 December 2021 to $100,000. No entries have yet been made to record this. (6) Life insurance for general director is to be accrued $3,000. (7) Receivables totalling $14,000 are to be written off (8) Intangible assets are to be amortized at 10% on cost (9) Allowance for receivables should be created as 0,5% of net sales (10) Dividends $0.15/share were accrued at 31 December 2021. Required: Prepare a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2021, b) a statement of changes in equity for the year ended 31 December 2021, c) a statement of financial position at that date, d) notes, in accordance with IAS 1 Presentation of Financial Statements. Your answer should be as complete and informative as possible within the limits of the information given to you. An accounting policy note is also required