The following trial balance is extracted from the books of All Souls Limited as at 31^st

December 2016

All Souls Limited Trial balance as at 31^st December 2016

Dr ($)

Cr ($)

10% Preference share capital

20,000

Ordinary share capital

70,000

10% Debentures (Repayable in 2019)

30,000

Goodwill at cost

15,500

Buildings at cost

95,000

Equipment at cost

8,000

Motor vehicles at cost

17,200

Provision for depreciation;

-Equipment (1.1.2016)

-Motor vehicles (1.1.2016)

2,400

5,160

Stock at 1.1.2016

22,690

Sales

98,200

Purchases

53,910

Carriage inwards

1,620

Salaries and wages

9,240

Director's remuneration

6,300

Motor expenses

8,120

Rates and insurance

2,930

General expenses

560

Debenture interest

1,500

Debtors/Creditors

18,610

11,370

Bank

8,390

General reserve

5,000

Share premium

14,000

Interim Ordinary dividends paid

3,500

Profit and loss account 31.12.2015

16,940

273,070

273,070

The following were the new developments; i. Stock at 31.12.2016 was $27,220 ii. Depreciate motor vehicles $3,000 and Equipment $1,200 iii. Accrue debenture interest $1,500 iv. Provide for preference dividends $2,000 and final ordinary dividends of 10% v. Transfer $2,000 to general reserve vi. Write off goodwill $3,000 vii. Authorized share capital is $20,000 in preference shares and $100,000 in ordinary shares

viii. Provide for corporation tax $5,000

Required: Prepare the company's Statement of Comprehensive Income for the year ended

31.12.2016 and the Statement of Financial Position as at 31.12.2016. (25 marks)