Practicing past exam papers for Principles of Financial Reporting, would like some help with these please

The balances below have been extracted from the accounting records of Lion Ltd at 31 December 2017: Trial Balance as at 31 December 2017 Dr Cr 000 '000 Land 1500 Equipment at cost Equipment depreciation at 1 January 2017 Inventory at 1 January 2017 300 125 80 Trade receivables 150 Provision for doubtful debts 10 Sales 1430 Purchases 875 Administrative expenses 210 Distribution costs 80 Accruals 6 Trade payables 135 Bank 75 10% Debentures 200 Debenture interest 10 Ordinary shares of l each Retained profits at 1 January 2017 200 1,174 3,290 3,280 You are given the following information: 1. Inventory at 31 December 2017 cost 100,000. Its net realisable value on the same date is 95,000 2. The land was purchased in 2014 and it was externally valued on 31 December 2017 as 2,000,000. The directors wish to include this amount in the statement of financial position 3. Equipment costing 50,000 purchased on 1 April 2015 was sold on 30 December 2017 for 25,000. The proceeds were paid out as bonuses to administrative staff. This has not been reflected in the above statement 4. Land is not depreciated. Equipment is depreciated on a reducing balance basis at 20% per year. Full year depreciation is provided in the year of acquisition and no depreciation is provided in the year of disposal. 5. Accruals on 1 January 2017 relate to power, light and heat. The accrual on 31 December 2016 is 13,000. Expenses relating to power, light and heat are included in Administrative expenses 6. A bad debt of 10,000 is to be written off. A provision of doubtful debt is to be provided at 10% for the remaining trade receivables 7. Corporation Tax of 25,000 on the current year's profit is to be provided. Any unpaid debenture interest is yet to be provided. 8. The company issued 60,000 shares for 3 each to shareholders during the year. No entries relating to this share issue have been entered. The cash proceeds have been kept in a separate bank account which is not included in the above trial balance Required: . Prepare the statement of financial position as at 31 December 2017, show clearly on the statement the total non-current assets, net current assets and net assets. (30 marks) . Discuss the fundamental and enhancing qualities of financial accounting information. To what extent are they useful to users of financial reports? (20 marks) The balances below have been extracted from the accounting records of Lion Ltd at 31 December 2017: Trial Balance as at 31 December 2017 Dr Cr 000 '000 Land 1500 Equipment at cost Equipment depreciation at 1 January 2017 Inventory at 1 January 2017 300 125 80 Trade receivables 150 Provision for doubtful debts 10 Sales 1430 Purchases 875 Administrative expenses 210 Distribution costs 80 Accruals 6 Trade payables 135 Bank 75 10% Debentures 200 Debenture interest 10 Ordinary shares of l each Retained profits at 1 January 2017 200 1,174 3,290 3,280 You are given the following information: 1. Inventory at 31 December 2017 cost 100,000. Its net realisable value on the same date is 95,000 2. The land was purchased in 2014 and it was externally valued on 31 December 2017 as 2,000,000. The directors wish to include this amount in the statement of financial position 3. Equipment costing 50,000 purchased on 1 April 2015 was sold on 30 December 2017 for 25,000. The proceeds were paid out as bonuses to administrative staff. This has not been reflected in the above statement 4. Land is not depreciated. Equipment is depreciated on a reducing balance basis at 20% per year. Full year depreciation is provided in the year of acquisition and no depreciation is provided in the year of disposal. 5. Accruals on 1 January 2017 relate to power, light and heat. The accrual on 31 December 2016 is 13,000. Expenses relating to power, light and heat are included in Administrative expenses 6. A bad debt of 10,000 is to be written off. A provision of doubtful debt is to be provided at 10% for the remaining trade receivables 7. Corporation Tax of 25,000 on the current year's profit is to be provided. Any unpaid debenture interest is yet to be provided. 8. The company issued 60,000 shares for 3 each to shareholders during the year. No entries relating to this share issue have been entered. The cash proceeds have been kept in a separate bank account which is not included in the above trial balance Required: . Prepare the statement of financial position as at 31 December 2017, show clearly on the statement the total non-current assets, net current assets and net assets. (30 marks) . Discuss the fundamental and enhancing qualities of financial accounting information. To what extent are they useful to users of financial reports? (20 marks)