Question 1: Preparation of financial Statements Total Marks 25) The trial balance prepared for Kia Ltd as at 31 December 2019 is given below. Kia Ltd Trial Balance As at 31 December 2019 Debit ($'000) Credit ($'000) Sales revenue 567,000 Cost of sales 234,000 Distribution costs 22,000 Transportation costs 12.000 Administration costs 17,000 Lease rentals 23.000 Loan interest 8.000 Loan interest payable 2,000 Dividend paid 15,000 Buildings (cost) 450,000 Provision for depreciation buildings 75,000 Property, Plant and Equipment (PPE) (revalued) 275,000 Provision for depreciation (PPE) 32,000 Insurance expenses 15,000 Electricity expenses 8,000 Intangible assets 80,000 Gains on PPE revaluation 46,000 Motor vehicles (cost) 54,000 Provision for depreciation motor vehicles 12,000 Trade and other receivables 45,000 Inventories 54,000 Cash and cash equivalents 89,000 Trade and other payables 39,400 Taxation for the year 34,000 Equity shares 380,000 8% Long term loan 100,000 Retained earnings 01.01.2019 83,000 Provision for doubtful debts 6,000 Financial liabilities 1 14,000 Financial assets 11,000 Bad debts 4,000 Deferred tax liability 9,000 Revaluation reserve 88,600 Loss on foreign currency translation 26.000 Short term loan 22,000 1,476,000 1,476,000 Required Prepare the financial statements of Kia Ltd in accordance with NZ IAS 1. Statement of Financial Position Statement of Profit or Loss and Other Comprehensive Income (by function) Statement of Changes in Equity Workings to support account balances, where required. _7 marks) (6 marks) _{3 marks) (9 marks) Click or tap here to enter text