Prepare the income statement from following.

A1 : for Profit and Loss account B Amount in million 526 -139 387 -34 -27 -31 1. Profit and Loss account 2 Particulars 3 sales revenue 4 Cost of sale 5 Gross profit 6 Bad debt expense 7 Selling expense 8 Administration expense 9 Profit for the period 10 Gain on sale of land 11 Loss on sale of equipment 12 finance costs 13 Profit before income tax 14 income tax (30%) 75 Net Profit 76 Dividend payable 7 Retained earnings 18 Scanner 19 295 40 -29 -30 276 82.8 358.8 -40.8 318 B A 1 STATEMENT OF FINANCIAL POSITION AS OF YEAR 2019 2 3 Particulars Amount IN Million 4 CURRENT ASSETS 5 CASH 100 6 MARKETING SECURITIES 30 7 INVENTORIES 42 8 PREPAID RENT 5 9 OTHER ASSETS 388 10 PREPAID INSURANCE 25 11 INTEREST RECEIVABLE 56 12 ACCOUNT RECEIVABLE 72 13 TOTAL CURRENT ASSETS 718 14 NON CURRENT ASSETS 15 LAND AND BUILDINGS 250 16 MACHINERY EQUIPMENT 150 17 Less: Accumulated Depreciation -20 18 GOODWILL 212 19 TOTAL NON CURRENT ASSETS 592 20 TOTAL ASSETS 1,310 21 CURRENT LIABILITIES 22 ACCURED WAGES PAYABLE 67 23 ACCOUNTS PAYABLE 87 24 ACCRUED COMMISSION PAYABLE 38 25 INCOME TAX PAYABLE 77 26 INTEREST PAYABLE 55 Business Story Profit and Loss Statement of Financial Position 1109 Scanned with CamScanner O Type here to search o i PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, E50 : fx A B B 77 55 30 354 128 128 236 25 INCOME TAX PAYABLE 26 INTEREST PAYABLE 27 UNEAENED REVENUE 28 TOTAL CURRENT LIABILITIES 29 NON CURRENT LIABLITIES 30 DEBENTURES (DUE APRIL 2021) 31 TOTAL NON CURRENT LIABILITIES 32 OTHER LIABLITIES 33 TOTAL LIABILITIES 34 NET ASSETS 35 EQUITY 36 GENERAL RESERVE 37 RETAINED EARNINGS 38 TOTAL EQUITY 39 40 41 42 43 CS Scanned with CamScanner 44 718 592 274 318 592