PLZ PLZ HELP ME

Prepare a Statement of Comprehensive Income and a Statement of Financial Position for Dura Ltd. for the financial year-ending 31st December 2018. All workings should be shown and generally, the overall adjustment for a working should be in the form of a double entry or journal (there is no need for a narrative).

1. The following information, based on your investigations, has also come to your attention: i. Dura Ltd. had an inventory count at the year-end which revealed that the yearend inventories at cost amounted to R900 000. Included in this figure is R30 000 of slow-moving inventories at cost. The post yearend sales register shows that these were subsequently sold just after the year-end at 80% of cost price

iii. The proceeds on the sale of Vehicles, in the trial balance, relates to the disposal on the 1st March 2018 of some vehicles which were purchased for R15 000 on 1st April 2014.

iv. The land was revalued to R2 750 000 at the year-end.

v. A provisional Company Tax payment of R36 000 was made on the 31st August 2018 for the 2018 financial year by credit transfer. This transaction has not been included in the above trial balance.

vi. The prepayment in the trial balance above is the opening prepayment brought forward in relation to Rent. The Rent figure in the trial balance is the amount which has been paid for during 2018. This amount covers rent for the year-ending 31st March 2019.

vii. There are closing accruals for Telephone and Advertising amounting to R1 100 and R4 350 respectively which have not yet been included in the above trial balance.

viii. Bad Debts of R2 500 should be written off and this adjustment has not yet been included in the above trial balance.

ix. Due to the current uncertain times, the Bad Debt Provision should be increased to 4% of Trade Receivables.

x. Company Tax is now correctly calculated at R25 000 being owing at the year-end.

xi. VAT represents a refund due from the Revenue Service at 31st December 2018. The Revenue Service has correctly disallowed R2 360 of the figure as relating to non-allowable travelling expenses.

The following trial balance was extracted from the books of Dura Ltd. as at 31st December 2018: Debit Credit R R Accountancy 5 600 Advertising 33 000 Bad debt provision 1 000 Bank 26 890 Buildings 1 400 000 Accumulated depr Buildings 31/12/17 900 000 Equipment 320 000 Accumulated depr Equipment 31/12/17 90 000 Insurance 39 700 Intangible assets 640 000 Land 2 670 000 Electricity 7 000 Long-term loan 140 000 Opening inventory 800 000 Other reserves 26 000 Prepayment 8 000 Proceeds from sale of vehicles 9 000 Purchases 2 100 000 Rates 19 000 Rent 18 000 Repairs and maintenance 37 450 Retained earnings 3 264 970 Revaluation surplus 53 000 Revenue 3 630 000 Revenue returns/Purchases returns 28 730 12 880 Share capital - 300 000 shares @R2 600 000 Telephone 7 600 Trade receivables/Trade payables 93 500 86 300 Travelling expenses 15 950 Truck expenses 12 900 VAT 7 480 Vehicles 265 000 Accumulated deprec Vehicles 31/12/17 89 000 Wages and salaries 346 350 8 902 150 8 902 150 ii. Depreciation is to be charged as follows: a. Buildings 3% on Cost b. Equipment 10% of Reducing Balance c. Vehicles 20% on Cost (Depreciation for the year is charged in full in the year of purchases and up to the date of sale, in the year of sale)