prepare the final financial statements for the year(company account)

General reserves Ordinary shares @ $2.00 10% Preference shares @ $2.00 Cash and bank Premises 10% Debenture Retained earnings at Jan 1, 2011 Goodwill Debtors Creditors Administrative expenses Selling & distribution costs Other operating expenses 127,700 450,000 100,000 220,600 550,000 200,000 45,500 300,000 78,000 41,200 175,500 120,000 17,000 Provision for bad debt Rent received Sales Cost of sales Fixtures & fittings Prov. for dep'n: fixtures & fittings Stock at Dec 31, 2011 Commission received Debenture interest paid Interim dividends on ord shares Motor van Prov. for dep'n motor van 8,000 6,700 1,950,000 1,100,000 80,000 16,000 193,000 29.000 7,000 12,000 140,000 28,000 Additional information: a) Fixtures and fittings are to be depreciated at 10% on the reducing balance basis and motor van at 10% on cost. Depreciation is to shared equally between administrative expenses and selling and distribution costs. b) The preference dividend is to be accounted for c) Corporation tax is estimated at $60,000 d) Transfer $20,000 to the general reserves e) Goodwill impairment amounted to 10% f) Increase provision for bad debts to $9.000