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: NS NS 1600 444 $14 5 000 3 KOKO 48000 120 000 120 000 25 Revene Inventaries (Jan. 2019) Districts Admitive expenses Debeturen Rental income Land and building Accumulated depreciation Land & building at January 2019 Plant and equipment.com Accumulated dereciation plant equipment at January 2019 Investment property at January 2019 Trade receivables Cash and cash equivalent Ordinary share capital Share premium Retained earnings 1 January 2019 Interim dividend General reserve Trake payables 45 Debentures credeemable in 2025) 126000 SENDO 541 000 32 00 100 000 244000 7510 60 57000 150 000 5 200 000 5200 000 Additional mullers 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 depreciatice brought forward at January 2019 of NS 3000. There were no other additions or disposal to property plant and equipment in the year. The company reas depreciation en plant and equipment as a cost of sales and on land and buildings as an administrative 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 Saccounting policy is to charge a full year's depreciation in the year of an wet's purchase and one in the year of disposal. Omega Enterprises land and buildings iv. On 31 December 2019 the company revalued its land and buildings to NS 750 000 including NS 100 000 for the land. W. The income tax charge for the year is estimated at NS 29 000 vi. Included in sales is NS 7000 pertaining to sale of equipment vil. Debenture interest is still standing REQUIRED 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) 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 informatie NOT required) 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: NS NS 2655 000 1 669 000 444 000 $14000 345 000 3 000 48 000 840 000 120 000 258 000 Revenue Purchases Inventories (1 Jan. 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 cost Accumulated depreciation plant & equipment at 1 January 2019 Investment property at 1 January 2019 Trade receivables Cash and cash equivalents 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 $ 200 000 $ 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 January 2019 of NS 3 000. There were no other additions or disposal to property. plant and equipment in the year. ii. The company trcats depreciation on plant and equipment as a cost of sales and on land and buildings as an administrative 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 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), V The income tax charge for the year is estimated at NS 29 000 vi. Included in sales is NS 7000 pertaining to sale of equipment. vii Debenture interest is still outstanding. REQUIRED 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). 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) 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: NS NS 1600 444 $14 5 000 3 KOKO 48000 120 000 120 000 25 Revene Inventaries (Jan. 2019) Districts Admitive expenses Debeturen Rental income Land and building Accumulated depreciation Land & building at January 2019 Plant and equipment.com Accumulated dereciation plant equipment at January 2019 Investment property at January 2019 Trade receivables Cash and cash equivalent Ordinary share capital Share premium Retained earnings 1 January 2019 Interim dividend General reserve Trake payables 45 Debentures credeemable in 2025) 126000 SENDO 541 000 32 00 100 000 244000 7510 60 57000 150 000 5 200 000 5200 000 Additional mullers 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 depreciatice brought forward at January 2019 of NS 3000. There were no other additions or disposal to property plant and equipment in the year. The company reas depreciation en plant and equipment as a cost of sales and on land and buildings as an administrative 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 Saccounting policy is to charge a full year's depreciation in the year of an wet's purchase and one in the year of disposal. Omega Enterprises land and buildings iv. On 31 December 2019 the company revalued its land and buildings to NS 750 000 including NS 100 000 for the land. W. The income tax charge for the year is estimated at NS 29 000 vi. Included in sales is NS 7000 pertaining to sale of equipment vil. Debenture interest is still standing REQUIRED 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) 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 informatie NOT required) 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: NS NS 2655 000 1 669 000 444 000 $14000 345 000 3 000 48 000 840 000 120 000 258 000 Revenue Purchases Inventories (1 Jan. 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 cost Accumulated depreciation plant & equipment at 1 January 2019 Investment property at 1 January 2019 Trade receivables Cash and cash equivalents 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 $ 200 000 $ 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 January 2019 of NS 3 000. There were no other additions or disposal to property. plant and equipment in the year. ii. The company trcats depreciation on plant and equipment as a cost of sales and on land and buildings as an administrative 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 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), V The income tax charge for the year is estimated at NS 29 000 vi. Included in sales is NS 7000 pertaining to sale of equipment. vii Debenture interest is still outstanding. REQUIRED 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). 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)