Tandaveka Corporation, a limited company, prepares its annual financial statements at 31 December. At 31 December 2019, the company's list of account balances were as follows: The income tax charge for the year is estimated at N$ 29 000. vi. Included in sales is NS 7000 pertaining to sale of equipment vii. Debenture interest is still outstanding. NS NS 2 655 000 REQUIRED 1 669 000 444 000 514 000 345 000 3 000 1. Prepare the Statement of Profit or Loss and other comprehensive incomes for the year ended 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required). 48 000 840 000 2. Prepare the Statement of Financial Position as at 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required) 120 (X) 258 000 Revenue Purchases Inventories (1 Jun 2019) Distribution costs Administrative expenses Debenture interest Rental income Land and building at cost Accumulated depreciation Land & building at 1 January 2019 Plant and equipment at cost Accumulated depreciation plant & equipment at 1 January 2019 Investment property at 1 January 2019 Trade receivables Cash and cash oquivalents Ordinary share capital Share premium Retained earnings 1 January 2019 Interim dividend General reserve Trade payables 4% Debentures (redeemable in 2025) 126 000 548 000 541 000 32 000 100 000 244 000 753 000 6 000 570 000 434 000 150 000 5 200 000 5 200 000 Additional matters to be taken into account for the preparation of the financial statements for the year ended 31 December 2019 i Inventory at 31 December 2019 amounted to NS 388 000 at cost On 1 January 2019, Omega Enterprises disposed of some malfunctioning equipment for NS 7000. The equipment had cost NS 15 000 and had accumulated depreciation brought forward at 1 January 2019 of N$ 3000. There were no other additions or disposal to property, plant and equipment in the year iii. The company treats depreciation on plant and equipment as a cost of sales and on land and buildings as an udministrative cost. Depreciation rates as per the company's accounting policy are as follows: Buildings Straight line over 50 years Plant and equipment 20% reducing balance Omega Enterprises 's accounting policy is to charge a full year's depreciation in the year of an asset's purchase and none in the year of disposal. Omega Enterprises 's land and buildings were eight years old on 1 January 2019. iv. On 31 December 2019 the company revalued its land and buildings to NS 750 000 (including NS 100 000 for the land). NON-CURRENT ASSETS DISCLOSURE On the 31 December 203 the following Balmes, amongst others, appeared in the accounting records of Brunto Traders NS SOO 000 4000 Land and Huildings Accumulated depreciation buildings (31 December 20.3) Furniture att Accumulated Depreciation: Pumitate (31 December 2013) 100 000 40 000 Vehicles at cost 250 000 Accumulated depreciation Vehicles (31 December 20.3) 80 000 Brand names 31/12/20.3 200 000 16 000 Accumulated amortisation 1312/20.3 Accumulate depreciation: Brand Names (31 December 20.3) Financial Assets as at 31/12/201 40 000 60 000 Goodwill 31/12/20.3 800 000 Accumulated amortisation 64.000 Additional information 1. Depreciation is written off buildings 2% per year on cost, on furniture i 10% per year un cost, and on vehicles at 20% year on the carrying amount 2. Land and buildings were purchased on 1 January 20.2 for NS 500 000 and the buildings are situated on erp 21020, Femdale. The value of the buildings on date of purchases N5200 000 3. On 31 March 20.4 fariture casting N$22 800 and with accumulated depreciation of NS 12 000 as at 31 December 20.3, was sold for NS 6840 4. On 30 September 20.4 a new vehicle was purchased for N5 45 600. 5. Financial assets were ro-measured at N$ 70 000 during the year, 6. Goodwill has a lifespan of 25 years 7. Intangible assets are initially recognised at cost price and are stated cost less accumulated amortisation. All intangible assets have a lifespan of 25 years Required Prepare the extracted statement of financial position as at 31 December 20.4 for non-current assets as at 31 December 20.4 and also disclose the notes for non current assets to comply with the requirements of LAS 1 and IFRS and the Companies Act 73 of 2004 Tandaveka Corporation, a limited company, prepares its annual financial statements at 31 December. At 31 December 2019, the company's list of account balances were as follows: The income tax charge for the year is estimated at N$ 29 000. vi. Included in sales is NS 7000 pertaining to sale of equipment vii. Debenture interest is still outstanding. NS NS 2 655 000 REQUIRED 1 669 000 444 000 514 000 345 000 3 000 1. Prepare the Statement of Profit or Loss and other comprehensive incomes for the year ended 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required). 48 000 840 000 2. Prepare the Statement of Financial Position as at 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required) 120 (X) 258 000 Revenue Purchases Inventories (1 Jun 2019) Distribution costs Administrative expenses Debenture interest Rental income Land and building at cost Accumulated depreciation Land & building at 1 January 2019 Plant and equipment at cost Accumulated depreciation plant & equipment at 1 January 2019 Investment property at 1 January 2019 Trade receivables Cash and cash oquivalents Ordinary share capital Share premium Retained earnings 1 January 2019 Interim dividend General reserve Trade payables 4% Debentures (redeemable in 2025) 126 000 548 000 541 000 32 000 100 000 244 000 753 000 6 000 570 000 434 000 150 000 5 200 000 5 200 000 Additional matters to be taken into account for the preparation of the financial statements for the year ended 31 December 2019 i Inventory at 31 December 2019 amounted to NS 388 000 at cost On 1 January 2019, Omega Enterprises disposed of some malfunctioning equipment for NS 7000. The equipment had cost NS 15 000 and had accumulated depreciation brought forward at 1 January 2019 of N$ 3000. There were no other additions or disposal to property, plant and equipment in the year iii. The company treats depreciation on plant and equipment as a cost of sales and on land and buildings as an udministrative cost. Depreciation rates as per the company's accounting policy are as follows: Buildings Straight line over 50 years Plant and equipment 20% reducing balance Omega Enterprises 's accounting policy is to charge a full year's depreciation in the year of an asset's purchase and none in the year of disposal. Omega Enterprises 's land and buildings were eight years old on 1 January 2019. iv. On 31 December 2019 the company revalued its land and buildings to NS 750 000 (including NS 100 000 for the land). NON-CURRENT ASSETS DISCLOSURE On the 31 December 203 the following Balmes, amongst others, appeared in the accounting records of Brunto Traders NS SOO 000 4000 Land and Huildings Accumulated depreciation buildings (31 December 20.3) Furniture att Accumulated Depreciation: Pumitate (31 December 2013) 100 000 40 000 Vehicles at cost 250 000 Accumulated depreciation Vehicles (31 December 20.3) 80 000 Brand names 31/12/20.3 200 000 16 000 Accumulated amortisation 1312/20.3 Accumulate depreciation: Brand Names (31 December 20.3) Financial Assets as at 31/12/201 40 000 60 000 Goodwill 31/12/20.3 800 000 Accumulated amortisation 64.000 Additional information 1. Depreciation is written off buildings 2% per year on cost, on furniture i 10% per year un cost, and on vehicles at 20% year on the carrying amount 2. Land and buildings were purchased on 1 January 20.2 for NS 500 000 and the buildings are situated on erp 21020, Femdale. The value of the buildings on date of purchases N5200 000 3. On 31 March 20.4 fariture casting N$22 800 and with accumulated depreciation of NS 12 000 as at 31 December 20.3, was sold for NS 6840 4. On 30 September 20.4 a new vehicle was purchased for N5 45 600. 5. Financial assets were ro-measured at N$ 70 000 during the year, 6. Goodwill has a lifespan of 25 years 7. Intangible assets are initially recognised at cost price and are stated cost less accumulated amortisation. All intangible assets have a lifespan of 25 years Required Prepare the extracted statement of financial position as at 31 December 20.4 for non-current assets as at 31 December 20.4 and also disclose the notes for non current assets to comply with the requirements of LAS 1 and IFRS and the Companies Act 73 of 2004