JEnergy Limited has an authorized share capital of $90000010\%$ preference shares of $$2$ each and $1200000$ Ordinary shares of $52$ each.

The following are the balances in the books at $31$ March $2023$

Preference share fully paid $$900000$

Ordinary shares fully paid $$1200000$

Inventory $$998400$

Provision for Doubtful debts as $31$ March $2022$ $$2000$

Receivable $$472000$

Insurance Prepaid Bank Overdraft Retained Earning $31$ March $2022$ $$228000$

$10\%$ Debenture $$300000$

Payables $$372000$

Cash $$10000$

Premises $$1290000$

Motor Vans at Cost $$360000$

Furniture and Equipment at cost $$300000$

Accumulated Depreciation $31$ March $2022$ Motor Vans $$84000$

Furniture and Equipment $$75000$

Additional Information; No entries have been made in the books for the following; $(1)$ Motor vans are depreciated at $10\%$ per annum on cost $(2)$ Furniture and equipment carrying valued at $31$ March $2023$ is $$210,000(3)$ Provision for doubtful debts was increased by $$4400$ at $31$ March $2003(4)$ Interest on debenture is due but unpaid.

Before adjusting for items $1-4$ above, the net profit before appropriation was $$277400.$ The directors are proposing: $($i$)$ The preference share dividend is to be paid in full $($i$)$ A dividend on the ordinary shares of $$0\mathrm{.}20$ per share.

 

 

REQUIRED:

$($a$)$ Prepare Profit and Loss and Appropriation Account for the year ended $31$ March $2023.$

(b$)$ Statement of financial Position at $31$ March $2023.$