Question 19.10 nalow is a list of balances and totals extracter fo. Additional information: - The authorised share capital is: - 200000 ordinary shares. - 1000004% redeemable preference shares. - On 15 March 203, the company issued a further 26000 ordinary shares at 30 per share. The issue was over-subscribed by 30% and the shares allotted and refunds paid. Fundamental Accounting - On 1 0ctober 203,39000 of the 4% redeemable preference shares were redeemed at a premium of 75 c per share, which was written off against retained earnings, and the preference dividends due of R35 100 on these shares to the date of redemption, were paid. - Non-current assets are depreciated as follows: - Fixtures and fittings 10% per annum on cost. - Vehicles 25% per annum on cost. - The directors have recommended to shareholders that a dividend of R3 per share be paid on the ordinary share capital at 31 December 203 for the year. - The income tax expense for the year is estimated to be R799 500 . - Current tax is a rate of 28% and dividends tax rate is 20%. - The company has guaranteed the overdraft facilities of a company, in which it holds shares, to a limit of R75 000 . - Debenture interest paid and directors' remuneration for the year have been charged to administration expenses. - Directors' remuneration are made up of R97 500 directors' fees, R487 500 managing director's salary, and R97 500 compensation to the past chairman for loss of office. - On 1 November 203, land and buildings were valued by a professional property valuer, at R1365000. - The directors have resolved to record the property at the above value in the 203 financial statements. - The property is mortgaged as security for the debenture holders. - Share investments consist nf. Construction of the new building is due to start on 1 urehouse costing R1 200000 during 0 ctober. - The directors also authorised the construction of a new office bir cost of R2 250000 . - The two projects are to be financed by a further issue of ordinary shares. You are required to: 1. Prepare the statement of profit or loss \& other comprehensive income of Rascals Ltd for the year ended 31 December 203. 2. Prepare the statement of financial position of Rascals Ltd as at 31 December 203