Question 1 The following trial balance has been extracted from the books of Panther Limited for the year ended 31 October 2021 Panther Limited Trial balance as at 31 October 2021 E Items 1 Ordinary shares (fully paid) 596 Long-term loan Account payable Account receivable Admin expense 17,000 4,200 3,450 Bank 3,675 1,890 16,800 9,500 19,500 525 700 Machinery - accumulated-depreciation (1st Nov 2020) Machinery -cost Carriage outwards Discount received Distribution expense Inventory (1st Nov 2020) Maintenance expense Marketing expense Operation expense Packaging Machine-accumulated-depreciation (1st Nov 2020) Packaging Machine-cost Purchase return Purchases Rent & rates expense Retained profit b/d (1st Suv 2020) Sales Sales return Wages & Salaries expense 3,255 735 1,590 630 2,940 1,800 6,000 2,415 31,290 3,150 4,090 61,845 1,470 11,550 105,000 The following additional information as at 31" October 2021 is as below: 105,000 1. Closing Inventory at year end has been valued at 240. 2. Following adjustments need to be provided for: a) 255 of distribution expense belongs to maintenance expense. b) 50 wages & salaries expense is outstanding. c) 150 Rent & rates expense is prepaid. d) 110 of admin expense is unpaid. e) Long term loan interest is outstanding at the year end. 3. Corporation tax is estimated at 670 4. Depreciation for the year is to be charged as follows: a) Moulding Equipment 20% reducing balance method. b) Packaging Machine 10% straight line method. 5. Before the year end the directors have proposed and declared: a) Ordinary shares dividend of 05 pence per share. Required: a) Prepare Comprehensive Income Statement & statement of change in equity for the year ended 31 October 2021. b) Prepare Statement of Financial position as at 31 October 2021