The following trial balance has been extracted from the "ABC Trading Limited" on 31 March 2019:

Trial Balance as at 31 March 2019

half-yearly in arrears on I January and 1 July each year. The first interest Question 3 (30 marks) payment for the period from 1 July 2018 to 31 December 2018 was paid The following trial balance has been extracted from the "ABC Trading and recorded on I January 2019. Limited" on 31 March 2019: (4) Income tax expenses of $43,300 is to be provided for. Trial Balance as at 31 March 2019 Debit Credit (5) The board of directors resolved to transfer $100,000 out of profit to general $ $ reserve on 31 March 2019. Purchases and sales 3,363,780 5,449,800 Carriage inwards 99,820 Administrative expenses include an insurance of $2,400 paid for the year Fixture and fitting, at cost 1,150,000 from 1 October 2018 to 30 September 2019. Motor vans, at cost 710,000 Accumulated depreciation, at 1 April 2018 (7) Depreciation is to be provided for non-current assets as follows: -Equipments 336,000 Fixtures and fittings 15 % per annum using the straight line method -Motor vehicles 210,000 - Motor vans 25 % per annum using reducing balance method Return inwards and outwards 156,800 101,600 Discount allowed and received 35,000 24,000 (8) Allowance for doubtful debts at 3 1 March 2019 was estimated to be $20,000. Trade receivables and payables 429,400 246,800 Inventory, at 1 April 2018 377,500 (9) The director propose a final dividend of $10,000 Debenture interest paid 7,000 Administrative expenses 540,800 Required: Selling and distribution expenses 392,900 Prepare for ABC Trading Limited, Director's fee 84,000 (a) a statement of comprehensive income for the year ended 31 March 2019. Other operating expenses 283,400 (15 marks) Intrim dividend paid 70,000 (b) a statement of financial position as at 31 March 2019. Cash at bank and in hand 270,500 (15 marks) Allowance for doubtful debts, at 1 April 2018 18,200 Ordinary share capital 1,000,000 4% Debenture, repayable in 2025 350,000 Share premium 80,000 General reserve 60,000 Retained profits, at 1 April 2018 94,500 7,970,900 7,970,900 The following additional information is available: (1) Inventory at 31 March 2019 was valued at cost of $392,500 and at net --- End of Assignment --- realizable value of $334,000. (2) Sales commission of $5,000 was owing at 31 March 2019. (3) The debentures were issued on 1 July 2018 and interest is payable