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please help me to solve it Sample question of preparation of the Financial Statements You are presented with the following trial balance of ABC, a

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Sample question of preparation of the Financial Statements You are presented with the following trial balance of ABC, a limited liability company at 31 December 2018 Line (account) Trial Balance as at 31 December 2018 1 Buildings at cost, 2 Buildings accumulated depreciation, 1 January 2018 3 Plant at cost Plant, accumulated depreciation, 1 January 2018 5 Land at cost 6 Bank balance 7 Revenue 8 Purchases Wages and salaries 10 Energy expenses 11 Inventory at 1 January 2018 12 Trade payables 13 Trade receivables Administrative expenses 15 Retained earnings at 1 January 2018 16 Dividends paid 17 Share Capital 18 Long term loan 9 AZN 740,000 60,000 220,000 110,000 235,000 50,000 2,000,000 1,105,000 180,000 105,000 160,000 300,000 320,000 80,000 545,000 100,000 80,000 100,000 14 Additional information: a) Closing inventory as at 31 December 2018 was $75,000 b) Depreciation for the year ended 31 December 2018 was b 1) Plant using the straight line method, useful life 5 years b 2) Buildings: using the straight line method, useful life 37 years chincome tax has been calculated as $45000 for the year. d) Long term debt for the year has been 5% per annum e) Loan note interest has not been paid for the year Required: Prepare the following financial statements for ABC a) The statement of profit or loss for the year ended 31 December 2013 b)The statement of financial position as at 31 December 2018

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