Paragraph QUESTION 1 ROLUP LTD's Trial Balance as at December 31, 2020 is shown belo Premises 10% Debenture Retained Earnings Jan 1, 2020 Trade receivables Trade payables Administrative Expenses Selling & Distribution Costs Other Operating Expenses Provision for bad debt Rent Received Sales Cost of Sales Motor Vehicles Prov. For Depin: M. Veh. Fixtures & Fittings Prov. For Dep'n: Fix & Fit Inventory at Jan 31, 2020 Debenture Interest Paid Interim Ordinary dividends General Reserves Ordinary Shares a $1.00 6% Preference Shares a $2 Cash and bank 668,000 300,000 167,000 200,000 152,000 175,000 150,000 66,000 9,000 45,000 2,950,000 1,700,000 500.000 50,000 250.000 20.000 170.000 15.000 14.000 175.000 350.000 100,000 410.000 4,318.000 4,318.000 ity Unavailable cD AaBbc c Emphasis Heading 1 Heading 5 Heading 7 I Norma Paragraph Styles 4,210,00 4,210,00 The following additional information is available: 1. Debtors of $8000 are to be written off and the bad debts provision increased to $15000. 2. During the year the company rented some of its warehouse space to another organization for $5000 per month The date of this rental agreement commenced on March 1, 2016. 3. Accruals and prepayments. Prepayments Accruals Distribution costs Administrative expenses 30000 20000 50000 30000 4. Depreciation should be provided as follows: Premises Nil Fixtures and Fittings 8 percent per year on the reducing balance Motor Vehicles 10 percent per year on cost Depreciation is to be divided equally between distribution cost and administrative expenses 5. Corporation tax is estimated to be $100000 6 Closing stock as at December 31, 2020 is $160,000.00 8. Profit after tax for the year ended December 31, 2020 was $666,600 ssibility: Unavailable o i S 9. The directors proposed on December 20, 2020 to pay the total preference share dividends. On February 14, 2021 the directors decided to pay a further $0.05 ordinary dividend. Required: Prepare the financial statements for the year to 31 December 2020 for CTROLUP LTD. in accordance with International Financial Reporting Standards as far as the information permits. They should include: A statement of Profit or Loss (20 marks) ii) Statement of Changes in Equity (4 marks) 111) A Statement of Financial Position (10 marks)