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The following information relates to Paradzai Industries DR CR $ $ Ordinary share capital 2 0 0 0 0 0 Retained earnings 1 January 2
The following information relates to Paradzai Industries
DR CR
$ $
Ordinary share capital
Retained earnings January
Sales
Inventories January
Purchases
Advertising
Administration salaries
Manufacturing wages
Interest paid
Interest received
Audit fees
Losses on credit sales
Provisional tax payments
Interim dividend paid
Dividends received
Premises at cost
Accumulated depreciation on premises:
Plant and equipment at cost
Accumulated depreciation on plant
and equipment
Financial assets available for sale
Trade receivables
Cash and cash equivalents
Trade payables
Deferred tax
Debentures
Totals
Additional information
The closing stocksinventory on December was $
Premises $
Land at cost
Factory building at cost
Land was revalued at $ on December
Factory buildings have a useful life of years and no residual value and
depreciation is provided on a straight line basis over years.
Plant and equipment
Depreciation is provided at per annum on a straight line basis.
Financial assets available for sale
Financial assets available for sale are accounted for at fair value. Any gain
arising during the year is accounted for under other comprehensive income and
deferred tax is provided at per annum.
The fair value of the financial assets on December was $
The taxable temporary differences at December was calculated at $
at
Income tax expenses $
Income for the year
Allowable deductions
Taxable income for the year
Current tax for the year
Deferred tax see note
Taxation for the year
Deferred taxation for the current year
Deferred tax liability Dec x
Attributable to other components of comprehensive income
Financial assets revaluation x
Land revaluation x
Deferred tax at the beginning of the year
Deferred tax for the current year
Declared dividends
On December a final dividend of $ was declared
REQUIRED
Prepare the statement of profit and loss and other comprehensive income and the statement of
financial position as December
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