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Q1 begin{tabular}{|c|c|c|} hline & $$000 & $$000 hline Equity shares of 50 cents each & & 97,000 hline Share premium & & 5,000

image text in transcribedimage text in transcribed Q1 \begin{tabular}{|c|c|c|} \hline & $$000 & $$000 \\ \hline Equity shares of 50 cents each & & 97,000 \\ \hline Share premium & & 5,000 \\ \hline Retained earnings at 1 April 203 & & 5,100 \\ \hline Property (20 years) - at cost & 40,000 & \\ \hline Plant and equipment - at cost & 250,000 & \\ \hline \begin{tabular}{l} Accumulated amortisation of property \\ at 1 April 203 \end{tabular} & & 16,000 \\ \hline \begin{tabular}{l} Accumulated depreciation of plant and \\ equipment at 1 April 203 \end{tabular} & & 33,500 \\ \hline Inventory at 31 March 20X4 & 25,200 & \\ \hline Trade receivables & 28,500 & \\ \hline Bank & & 1,400 \\ \hline Trade payables & & 27,300 \\ \hline Revenue & & 539,500 \\ \hline Cost of sales & 337,800 & \\ \hline Distribution costs & 16,100 & \\ \hline Administrative expenses & 26,900 & \\ \hline \multirow[t]{2}{*}{ Bank interest } & 300 & \\ \hline & 724,800 & 724,800 \\ \hline \end{tabular} (i) Revenue includes an amount of $30 million for cash sales made through Xtol's retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 15% of the selling price of these goods. By 31 March 20X4, Xtol had remitted to Francais $25 million (of the $30 million sales) and recorded this amount in cost of sales. (ii) Plant and equipment is depreciated at 15.50% per annum on the reducing balance basis. All amortisation and depreciation of non-current assets is charged to distribution cost. (iii) A provision of $28 million is required for current tax for the year ended 31March 20X4. (iv) At 3 Apr 20X4, a customer of business declare bankrupt, this client own the entity $25,000. (v) At 1.5.20X4, the entity has sold 500 items A of inventory with net realisable value of $50, these inventory has cost of $80 per unit (which is reflected on financial statement at 31.3.20X4) Required (a) Prepare adjutsing journal entries (14 marks) (b) Prepare the statement of profit or loss for Xtol for the year ended 31 March 20X4 (12 marks) (c) Prepare the statement of financial position for Xtol for the year ended 31 March 20X4 (14 marks)

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