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Question 1: The following trial balance has been extracted from the books of ABC Ltd at 31 March 2019 ,000 40 290 80 ,000 Accounts office rent 98 Audit fee 22 Salaries 150 Imrecoverable debts 27 General administration 125 General distributions 23 Distribution centre storage 110 Advertising Share capital (all ordinary shares of 1each) Share premium Dividend paid 27 Cash at bank 3 Receivables 233 Non-current assets investments 280 Finance cost 25 Dividend received Interest received Land and building at cost land100, Building 100) 200 Land and building acc depreciation (1April 2018) Plant and machinery cost 400 Plant and machinery acc depreciation (1April 2018) Retained earnings ( 1 April 2018) Purchases 1.210 Revenue Inventory at 1 April 2018 140 Trade payables Bank loan 3.113 15 1 30 170 235 2. 165 27 100 3.113 Additional information 1) Inventory at 31 March 2019 had a cost of 85,000. 2) Depreciation for the year to 31 March 2019 is to be charged against cost of sales as follows: Buildings 5% on cost (straight line) Plant and machinery 30% on net book value (reducing balance) 3) Corporation tax of 165,000 is to be provided for the year to 31 March 2019. The loan is repayable in five years' time. 4) Salaries are to be apportioned equally between cost of sales, administration expenses and distribution costs. Required: Statement of Profit or Loss, Statement of Changes in Equity and Statement of Financial Position for the year ended 31 March 2019. (ALL WORKINGS SHOULD BE SHOWN)