The following balances were obtained from the books of Cyclops Ltd as at December 31, 2018: General reserves Ordinary shares @ $1.00 5% Preference shares @ $0.50 Premises 5% Debenture Retained earnings Goodwill Debtors Creditors Management expenses Motor vehicles Provision for depreciation on vehicle Sales Purchases Fixtures Provision for depreciation on fixtures Stock at January 1, 2018 Insurance Directors' fees Debenture interest Interim ordinary shares dividends Cash & bank Wages & salaries Additional information: $ 675,000 330,000 108,240 75,000 210,000 1,190,000 90,000 476,000 22,500 30,000 10,500 18,000 305,310 135,000 3,675,550 52,500 675,000 150,000 225,000 53,250 121,800 42,000 2,338,000 18,000 3,675,550 1) Stock at December 31, 2018 amounts to $455,200. 2) Provide for depreciation as follows: fixtures 12% using the straight-line method and 15% on motor vehicles using the reducing balance method. Depreciation charges should be applied equally between selling costs and administration expenses. 3) Wages and salaries for $25,000 is owing; while insurance is prepaid by $6,500. 4) Final ordinary share dividends at 0.15c per share was proposed on December 12, 2018 as well the total preference share dividends. 5) Goodwill impairment was estimated to be $33,000. 6) Corporation tax is estimated at $48,000. 7) Transfer $45,000 to general reserves.

The following balances were obtained from the books of Cveloos Ltd ae at inmamber 31, 2018: Additional information: 1) Stock at December 31,2018 amounts to $455,200. 2) Provide for depreciation as follows: flxtures 12% using the straight-line method and 15% on motor vehicles using the reducing balance method. Depreciation charges should be applied equally between selling costs and administration expenses. 3) Wages and salaries for $25,000 is owing; while insurance is prepaid by $6,500, 4) Final ordinary share dividends at 0.15c per shure was proposed on December 12,2018 as well the total preference shire dividends. 5) Goodwill impaiment was estimated to be $33,000. 6) Corporation tax is estimated at $48,000. 7) Transfer $45,000 to general reserves