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NEED ANSWER ASAP!! The trial balance of ABC at 31 December 2019 is as follows. Rupees in 000 Dr Cr 5,300 1,350 210 490 370
NEED ANSWER ASAP!!
The trial balance of ABC at 31 December 2019 is as follows. Rupees in 000 Dr Cr 5,300 1,350 210 490 370 Revenue Cost of sales Dividends received Administration expenses Distribution costs Interest paid Prepayments Dividends pald Property, plant and equipment Short-term investments Inventory at 31 December 2018 Trade receivables Cash and cash equivalents Trade payables Long-term loans Share capital Share premium Retained earnings at 31 December 2018 190 25 390 4,25 2,700 114 418 12 136 1,200 1,500 800 1,165 10,309 10,309 The following information is also relevant. 1. The tax charge for the year has been estimated at Rs. 470,000. 2. The directors declared a final dividend of Rs. 270,000 on 3 January 2020. 3. On 1 January 2019 Property, plant and equipment were revalued by Rs. 50,000. This has not yet been reflected in the accounts. Property, plant and equipment are now to be depreciated over 30 years. 4. Inventories on 31 December 2019 amounted to Rs. 127,000. Included in this balance were goods that had cost Rs. 15,000. These goods had become damaged during the year and it is considered that following remedial work the goods could be sold for Rs. 5,000. Required: a) Prepare Statement of total comprehensive Income for the year ended 31 December 2019. (8 marks) b) Prepare Statement of Financial Position. (8 marks)Step by Step Solution
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