Question 3 The following is the trial balance of Lift Ltd as at 31 December 20x9 Lift Ltd : Trial balance as at 31 December 20X9 DISS Issued ordinary share capital (S1 shares ) 250,000 Issued preference shares (S 1 share ) 50,000 Retained earnings 36,313 Freehold land 320.000 Other non-current assets 195.000 Sales revenue 315,300 Purchases 165,090 Inventory 1.1.20X8 29.808 Rent 43.080 Salaries 32,877 General expenses 8,780 Directors' remuneration | 15.000 10% Debenture 100.000 Debenture interest Il 10.000 Debtors and Creditors || 23.976 21.211 Bank || 29,013 General reserve 65,000 Provision for depreciation of other non-current assets 45,800 Interim dividends 11,000 1 883.624 883,624 Additional information: 1. Inventory held at 31 December 20X9 was $23.444. 2. Depreciation is to be provided on other non-current assets at 5% using reducing balance. The company does not charge depreciation on freehold land. 3. Taxation for the year to be $9,100. 4. A transfer of $10,000 was to be made to the general reserve. 5. Salaries accrued at the year-end were $2,233. 6. Rent prepaid for the following year was $820