Questions Apex Lid produced the following Trial Balance at 31 Dec 2019. DEBIT CREDIT 000 000 12% Debenture 250 5% Preference Share at RM1 200 Ordinary Share at 50 cents each 800 Reserves 425 Land at valuation 495 Premises at cost 350 Provision for depreciation - Premises 20 Plant and Machinery 220 Provision for depreciation - Plant and Machinery 30 Inventory 1 January 2019 410 Account receivables 875 Tutorial Questions on Company Accounts - Internal Use) 12 Cash in hand Account payables 198 Bank 85 Administrative expenses 264 Selling and Distribution cost 172 Dividends 20 Debenture interest 15 Sales and Purchases 1745 2569 Carriage inward 15 Carriage Outward 18 Retums Outward 4611 4611 Additional Information: a. Closing stock at cost RM 194,000 Prepaid administrative expenses amount to RM 10,000 and selling and b. distribution expenses outstanding RM 18,000 c. The Reserves account consist of: Share Premium RM 100,000 Revaluation reserves RM 135,000 The balance in the reserve account is for undistributed profit d. Premises are to be depreciated at 4% pa. using straight line method. Plant and Machinery is to be depreciated at 10%p.a. on cost. c. Corporation tax of RM 30,000 is to be provided for the year. f. The dividends account represents a half-years preference dividend and interim ordinary dividend. Directors proposed to pay preference dividend at year end Required Prepare the Income Statements for the year to 31 December 2019 and the statement of financial position as at that date