SECTION E8 N11123-E Total marks available Total 40 marks 21. Geoffrey Ltd. clos balances of Geoffrey Ltd on 31 December 2015 and 31 December 2016 es its accounts on 31 December each year. Below are the account 31 December 2016 31 December 2015 Land Building (cost) Accumulated depreciation - building Plant and machinery (cost) Accumulated depreciation plant Inventory Accounts receivables 65,000 136,000 28,000 114,000 64,000 55,000 220,000 60,250 112,600 45,000 112,000 24,000 100,000 64,000 83,000 125,000 28,000 118,000 Accounts payable Accrued expenses: Wages and salaries 2,000 10,000 Other administrative expenses Tax payable Retained profits Asset revaluation reserve Share premium Preference shares Ordinary shares 1,000 18,000 3,000 63,650 20,000 20,000 100,000 220,000 1,000 54,000 0 100,000 120,000 Additional information: Statement of Profit or Loss for the year ended 31 December 2016 was as follows: 500,000 (300.000) 200,000 Sales Cost of sales Gross profit Wages and salaries Other administrative & selling expenses Directors' remuneration Depreciation - plant Depreciation building Loss on sales of plant Profit before tax Tax 55,000 60,600 27,000 8,000 4,000 5,000 (159.600) 40,400 10.000) 30.400 Turn Over 1123-E1