Maxxiss Car Park Ltd.

The following balances were received from the books of Maxiss Car Park Ltd. as at December 31, 2015. Please see below for the Notes.

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CR DR 800.000 250.000 40.000 100.000 110.000 65.000 30.000 30.000 200.000 200.000 50.000 DETALLS Premises 10. Mortgage Retained eamings Goodwill Debtors Creditors General reserves Management fees Ordinary shares a $0.50 5% Preference shares a $1 Share premium Motor vehicle Prov. for depreciation on motor vehicle 10% Debenture Mortgage interest Debenture interest Cost of sales Closing stock Insurance Wages & salaries Interim ordinary shares dividend Bank Sales Commission received 80.000 12.000 120.000 7.000 5.000 750.000 80.000 20.000 60.000 2.000 53.000 1.100.000 4.000 2.081,000 2.084,000 Notes: a. Provide for depreciation on motor vehicle at 5% on the reducing balance b. Insurance is prepaid by $4,000 while wages and salaries is owing by $20,000 c. The goodwill should be written down by 25% d. Transfer $25,000 from profits to the general reserves e. Corporation tax is estimated at $30,000 f. The following items of expense should be apportioned: Insurance Wages & salaries Management fees Depreciation charges Admin 50 70% 80% 50% Sell & Dist 50% 30% 20% 50% g. Prior to the end of the year the directors approved the following: preference share dividends is to be accounted for in full a new issue of 100,000 ordinary shares with par of $0.50 per share; amount collected was $75,000 Required: Prepare the following: o Statement of profit and loss o Statement of changes in equity o Statement of financial position Show appropriate workings and disclosures