QUESTION 16 BIG Limited is a distributor of imported clothes and accessories. The following is a list of balances extracted from its accounting records at 31 December 2019: Dr Cr 000$ 000$ Land, at valuation 2.250 Buildings: cost 3.200 Buildings: accumulated depreciation at 1.1.19 320 Inventory at 1.1.19 700 Motor vans: cost 1.625 Motor van: accumulated depreciation at 1.1.19 975 Trade receivables 1,093 Provision for doubtful debts at 1.1.19 80 Prepayment rent at 1.1.19 75 Accrued heat & light at 1.1.19 20 Cash Trade payables 1,075 630 Sales 8% debentures: 2024 Share capital: ordinary 50c shares 6% redeemable $1 preference shares Share premium Revaluation reserve Retained earnings Purchases 800 2,000 100 1,000 850 1,270 9,130 4,415 Wages and salaries Heat and light 1,150 525 Distribution costs Rent 350 480 Insurance 72 Debenture interest paid 32 Corporation tax 50 Interim dividend paid on preference shares 3 Interim dividend paid on ordinary shares 180 17,225 17,225