Prepare a Statement of profit or loss and a Statement of financial position for Kooper Ltd for the year ended 31 December 2021.

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AC4213, Financial Accounting Autumn 2022/23 Week 9 Tutorial Questions Question 1 Kooper Ltd operates a garden centre in Limerick. Financial statements are prepared annually. The Trial Balance as the 31 December 2021 had the following balances: The following additional information is available: (i) The year-end stock take revealed a closing inventory of goods for resale valued at cost of 54,930. After a detailed review of the inventory it was concluded that some items can now only be sold at a loss. Kooper estimated the net realisable value of the inventory to be 52,000. (ii) Included in the insurance cost above is the insurance premium to 30 June 2022 which is 3,500. This was paid in December 2021. (iii) Rent is paid four months in advance. The last payment of 30,000 was made on 1 November 2021 for the four-month period to 28 February 2021. (iv) At 31 December 2021, Kooper Ltd owed 4,000 to employees for overtime. (v) Kooper Ltd provides for depreciation on the Delivery Van at a rate of 20% on a reducing balance basis and 10% on Fixtures and Fittings on a straight-line basis. (vi) At 31 December 2021, quarterly interest is due on the long term loan. (vii) Corporation tax of 4,800 is due for the year ended 31 December 2021 , this is to be provided for. (viii) The company paid a dividend of 20c per share on 31 December 2021 . This dividend transaction has not been recorded in the company's accounts before the trial balance (above) was extracted. Required (a) Prepare a Statement of profit or loss and a Statement of financial position for Kooper Ltd for the year ended 31 December 2021. (b) What are the main features of a limited company? AC4213, Financial Accounting Autumn 2022/23 Week 9 Tutorial Questions Question 1 Kooper Ltd operates a garden centre in Limerick. Financial statements are prepared annually. The Trial Balance as the 31 December 2021 had the following balances: The following additional information is available: (i) The year-end stock take revealed a closing inventory of goods for resale valued at cost of 54,930. After a detailed review of the inventory it was concluded that some items can now only be sold at a loss. Kooper estimated the net realisable value of the inventory to be 52,000. (ii) Included in the insurance cost above is the insurance premium to 30 June 2022 which is 3,500. This was paid in December 2021. (iii) Rent is paid four months in advance. The last payment of 30,000 was made on 1 November 2021 for the four-month period to 28 February 2021. (iv) At 31 December 2021, Kooper Ltd owed 4,000 to employees for overtime. (v) Kooper Ltd provides for depreciation on the Delivery Van at a rate of 20% on a reducing balance basis and 10% on Fixtures and Fittings on a straight-line basis. (vi) At 31 December 2021, quarterly interest is due on the long term loan. (vii) Corporation tax of 4,800 is due for the year ended 31 December 2021 , this is to be provided for. (viii) The company paid a dividend of 20c per share on 31 December 2021 . This dividend transaction has not been recorded in the company's accounts before the trial balance (above) was extracted. Required (a) Prepare a Statement of profit or loss and a Statement of financial position for Kooper Ltd for the year ended 31 December 2021. (b) What are the main features of a limited company