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Robinson Company Ltd has extracted the following Trial Balance from its books on December 31, 2019: Details $ $ Buildings at costs 15,000,000 Furniture, etc.

Robinson Company Ltd has extracted the following Trial Balance from its books on December 31, 2019:

Details

$

$

Buildings at costs

15,000,000

Furniture, etc. at cost

4,000,000

Depreciation buildings, January 1, 2019

6,000,000

Depreciation, furniture, etc. January 1, 2019

1,500,000

Purchases

8,000,000

Administrative expenses

1.600,000

Distribution expenses

1,800,000

Cash at bank

500,000

Inventory, January 1, 2019

750,000

Taxation charge for the year

800,000

Accounts receivable

2,200,000

Turnover

16,000,000

$1 ordinary shares

1,800,000

Share premium

1,700,000

Retained earnings, January 1, 2019

3,000,000

Bank loan

2,000,000

Trade payables

1,750,000

Other payables

-------------

900,000

34,650,000

34,650,000

Additional information:

  1. Inventory on December 31, 2019 was valued at $600,000.
  2. Included within administrative cost is an amount of $400,000 relating to legal fees incurred by the company.
  3. 200,000 ordinary shares were issued during the year at $2.50 each.
  4. Depreciation was charged to administrative expenses as follows: Buildings 4% per annum straight line; furniture, etc. 20% reducing balance

Required:

Prepare the following statements for Robinson Company Ltd for the year ended December 31, 2019 in accordance with IAS1. (Show all workings)

  1. The statement of profit or loss for the financial year.

Statement of Profit and Loss for year ended December 31, 2009

Details

$

Revenue

3,000,000

Cost of Sale

8,000,000

Gross Profit

Other Income

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