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pls answer all, I will vote you positive Question 1: You are presented with the following trial balance of Karen Trading Investment Holdings, a limi
pls answer all, I will vote you positive
Question 1: You are presented with the following trial balance of Karen Trading Investment Holdings, a limi liability company, at 31 October 2019. Dr. $'000 Cr. $'000 145,092 Sales Sales return Inventory at 1 November 2018 Purchases Travelling expenses (Distribution costs) Insurance (Distribution costs) Utility expenses (Distribution costs) Printing expenses (Administrative expenses) Salaries (Administrative expenses) Bank loan interest paid Land at cost Buildings at cost Motor vehicles at cost Equipment at cost Buildings, accumulated depreciation, at 1 November 2018 Motor vehicles, accumulated depreciation, at 1 November 2018 Equipment, accumulated depreciation, at 1 November 2018 Trade receivables Cash Trade payables Bank overdraft Bank loan Share capital Retained earnings at 1 November 2018 1,788 8,040 89,472 7,800 3,936 1,440 4,404 17,040 828 13,980 31,680 5,040 9,600 15,000 840 4,020 33,120 1,008 9,000 3,144 8,988 32,040 11,052 229,176 229,176 Additional information as 31 October 2019: 1. Buildings are depreciated at 10% of cost, allocated to administrative expenses. 2. Motor vehicles are depreciated at 20% of cost, allocated to administrative expenses. 3. Equipment is depreciated at 30% of cost, allocated to distribution costs. There were no additions or disposals of non-current assets during the year. 5. Inventory at 31 October 2019 was valued at $8,148,000. Land was revalued at 31 October 2019 to $18,252,000. 7. Tax of $1,008,000 is to be provided for the year. 4. 6. Required: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 October 2019 of Karen Trading Investment Holdings Limited in accordance with "HKAS 1 Presentation of Financial Statements". (Total: 25 Marks)Step by Step Solution
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