The following trial balance was extracted from the books of Mayback Ltd at $31$ Dec $20$X$8$:

Dr $000$ Share capital Cr

$000300$

$31/12/$X$8$ $$000$Share premium

Retained earnings at $1$ Jan $20$X$8$

Disposal

Dividend paid

Purchases

Sales

Admin expense

Depreciation expense

Selling & distribution expense

Interest expense

Tax expense

Trade receivables

Allowance for receivable at $1$ Jan $20$X$8$

Trade payables

Non$-$current assets

Accumulated depreciation

$10\%$ loan

Inventory at $1$ Jan $20$X$8$

Cash

$162$

$120$

$25$

$50$

$358$

$658$

$150$

$50$

$120$

$12$

$10$

$80$

$16$

$82$

$521$

$88$

$120$

$80$

$90$

Adjustments for the following are required at the year end.

$1.$ The closing inventory was valued at cost at $148,000$

$2.$ Administrative expenses included a payment of $12,000$ for insurance for the period $1$ Sep

$20$X$8$ to $30$ Jun $20$X$9$

$3.8,000$ of receivables was considered doutful at the year end, and it was decided that an

allowance for these should be accounted for.

Requirements:

a$)$ Prepare statement of profit or loss $($SOPL$)$ for the year ended $31$ Dec $20$X$8$ for Mayback.

b$)$ Prepare statement of financial position $($SOFP$)$ at $31$ Dec $20$X$8$ for Mayback.

c$)$ Prepare statement of cash flows $($SOCF$)$ for the year ended $31$ Dec $20$X$8$ for Mayback.

Assuming that the statement of financial posion of the company at $31$ Dec $20$X$7$ is as

followed:

Mayfield

STATEMENT OF FINANCIAL POSITION AT $31/12/20$X$7$

Non$-$current assets $($NCA$)$

$360$

Accumulated depreciation

Prepaid insurance

Inventory

$-48$

$0$

$80$Cash

Accounts receivables Allowance

Total assets

Ordinary shares Share premium Retained earnings

Trade payables $10\%$ loan

Total liabilities $+$ Equities

$10090$

$-16566$

$170162120$

$1140$

$566$

$-$ During $20$X$5,$ Mayback disposed an equipment with cost of $40,000$ and accumulated depreciation of $10,000.$

Answer using the provided table.