The following balance was extracted from the books of ABC Ltd at $31$ December $2017.$

REGAL GUL

$q,$

The following trial balance was extracted from the books of ABC Ltd at $31$ December $2017$

ABC Steel Ltd

Trial balance at $31$ December $2017$

Recained eamings at $31$ December $2016$

us

Additional information:

Distribution expenses of $20,000$ are to be accrued

${?}^2.$ Wages and salaries andrent and rates are to be apportioned:

$50\%$ Distribution expenses

$50\%$ Administrative expenses

All other expenses are to be included under administrative expenses.

$3.$ Closing inventories at $31$ December $2017$ are valued at $1,810,000$

$4.$ The balance of the loan stock interest for the year ended $31$ December $2017$ needs to be accrued.

$5.$ Directors' remuneration is to be treated as ar administrative expense.

$6.$ Depreciation for the year ended $31$ December $2017$ is to be provided for as follows: Fixtures $-20\%$ on cost

Motor vehicles $-30\%$ reducing balance.

$7.$ Corporation tax charge for the year is estimated to be $130,000$

REQUIRED:

Task A

Draft a Statement of Profit or Loss for ABC Ltd for the year ended $31$ December $2017.$

Task B

Draft a Statement of Financial Position for ABC Ltd as at $31$ December $2017.$

The financial statements are to be presented in accordance with the format prescribed by IAS $1.$