The following notes are relevant: (i) Revenue includes an amount of \$20 million for cash sales made through Xtol's retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 10% of the selling price of these goods. By 31 March 20X4, Xtol had remitted to Francais \$15 million (of the $20 million sales) and recorded this amount in cost of sales. (ii) Plant and equipment is depreciated at 12% on the reducing balance basis. All amortisation and depreciation of non-current assets is charged to cost of sales. (iii) A provision of $28 million is required for current tax for the year ended 31 March 20X4. (iv) At 3Apr20X4, a customer of business declare bankrupt, this client own the entity $15,000. Required (a) Prepare the statement of profit or loss for Xtol for the year ended 31 March 20X4 (8 marks) (b) Prepare the statement of financial position for Xtol for the year ended 31 March 20X4 (12 marks) The following notes are relevant: (i) Revenue includes an amount of \$20 million for cash sales made through Xtol's retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 10% of the selling price of these goods. By 31 March 20X4, Xtol had remitted to Francais \$15 million (of the $20 million sales) and recorded this amount in cost of sales. (ii) Plant and equipment is depreciated at 12% on the reducing balance basis. All amortisation and depreciation of non-current assets is charged to cost of sales. (iii) A provision of $28 million is required for current tax for the year ended 31 March 20X4. (iv) At 3Apr20X4, a customer of business declare bankrupt, this client own the entity $15,000. Required (a) Prepare the statement of profit or loss for Xtol for the year ended 31 March 20X4 (8 marks) (b) Prepare the statement of financial position for Xtol for the year ended 31 March 20X4 (12 marks)