Please Help ASAP
The following balances have been extracted from the books of Salfirm Ltd as at 30 September 2020. Trade creditors Sales Revenue 18,900 240,000 Land at cost 57,600 114,000 66,000 18,000 Building at cost Furniture and fittings at cost Bank Provision for Depreciation Buildings Furniture and fittings Discount Received Retained Earnings at 1 Oct 2019 Provision for bad debts 18.000 30,000 5,292 10,800 2,448 Goodwill 49,200 Cash 696 42,744 Inventory at 1 Oct 2019 Commissions Received 1.800 Rent 6.370 Wages and Salaries 24 000 Insurcince 560 Return inwards Other Operating exoenges Tre de debtor 10.800 Retained Earnings at 1 Oct 2019 Provision for bad debts 2,448 Goodwill 49.200 Cash 896 42,744 Inventory at 1 Oct 2019 Commissions Received 1,800 Rent 6,370 Wages and Salaries 24,000 Insurance 5,690 Return Inwards 1,116 Other Operating Expenses Trade debtors 1,308 37.920 Purchases 131,568 Debenture Interest 1.200 Bad debt 2.028 48.000 60.000 60.000 5% Debentures 6% Preference Shares @ $1 Ordinary Shores @ 1 General Reserves Dividends paid Preference Ordinary 33.000 3.600 200 548240 546 240 a. Inventory on hand at 30 September 2020 was valued al $46638 b. Insurance paid in advance $300, wages of $840 is owing but the company's accountant does not believe that this should be included in this year's financial statement because it will only reduce the reported profit. c. Depreciation is to be provided at 10% on cost of buildings, and 20% on the written down value of furniture and fittings d. Provision for bad debts is to be adjusted to 10% of trade debtors. e. The directors proposed on August 30, 2020 to pay a 6% ordinary dividend. f. A transfer of $10000 from accumulated earnings to general reserve is to be made. g. The tax charge for the year is estimated at $20.000. h. The following appropriation of the expenses must be made Admin Selling & Dist Rent 8096 20% Weges & Salaries 6096 40% Insurance 5098 50% i Goodwill impairment was astimated to be 056 Required: Prepare the Statement of Profit or Loss for the year ended September 30, 2020 (1 mark)