The trial balance of Beta shows the following balances at 31 December 2021 Dr Cr $000 $000 Ordinary shares (300,000 shares) 300 Share premium 20 General reserve 80 Retained earnings 1 January 2021 60 Inventory (goods for resale) at 1 January 2021 90 Revenue 930 Purchases 560 Purchases returns 26 Sales returns 28 Carriage outwards 28 Warehouse wages 80 Sales representatives salaries 60 Administrative wages 40 Warehouse plant and equipment cost 126 Accumulated depreciation 1 January 2021 30 Delivery vehicle hire 20 Distribution expenses 10 Administrative expenses 10 Directors salaries 30 Rents receivable 16 Investment income 30 Bank overdraft 40 Trade receivables 400 Cash at bank 110 Trade payables 60 1592 1592 Additional information Inventories at 1 January 2022 were valued at $50,000 Depreciation charges for the year amounting to $27,000 and $5,000 are to be included in distribution costs and administrative expenses, respectively The income tax rate is 20 A final dividend of $0 50 per share was declared on 31 March 2022 There were no disposals of any non current assets during the year A delivery vehicle was purchased on credit for $12,000 on 30 December 2021 No entries have yet been made to record this Insurance for delivery vehicles is to accrued as $2,000 Receivables totalling $20,000 are to be written off During the year the company issued a further 25,000 shares at $1 20 No entries have yet been made to record this Bonus for administration director for 2021 is evaluated as 1 of gross profit General reserve is to be increased by $ 6,000 Required Prepare a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2021, b) a statement of changes in equity for the year ended 31 December 2021, c) a statement of financial position at that date, d) notes, in accordance with IAS 1 Presentation of Financial Statements Your answer should be as complete and informative as possible within the limits of the information given to you An accounting policy note is also required

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The trial balance of Beta shows the following balances at 31 December 2021: Dr Cr $000 $000 Ordinary shares (300,000 shares) 300 Share premium 20

The trial balance of Beta shows the following balances at 31 December 2021:

	Dr	Cr
	$000	$000
Ordinary shares (300,000 shares)		300
Share premium		20
General reserve		80
Retained earnings 1 January 2021		60
Inventory (goods for resale) at 1 January 2021	90
Revenue		930
Purchases	560
Purchases returns		26
Sales returns	28
Carriage outwards	28
Warehouse wages	80
Sales representatives salaries	60
Administrative wages	40
Warehouse plant and equipment cost	126
Accumulated depreciation 1 January 2021		30
Delivery vehicle hire	20
Distribution expenses	10
Administrative expenses	10
Directors salaries	30
Rents receivable		16
Investment income		30
Bank overdraft		40
Trade receivables	400
Cash at bank	110
Trade payables		60
	1592	1592

Additional information:

Inventories at 1 January 2022 were valued at $50,000.
Depreciation charges for the year amounting to $27,000 and $5,000 are to be included in distribution costs and administrative expenses, respectively.
The income tax rate is 20%.
A final dividend of $0.50 per share was declared on 31 March 2022.
There were no disposals of any non-current assets during the year. A delivery vehicle was purchased on credit for $12,000 on 30 December 2021. No entries have yet been made to record this.
Insurance for delivery vehicles is to accrued as $2,000.
Receivables totalling $20,000 are to be written off
During the year the company issued a further 25,000 shares at $1.20. No entries have yet been made to record this.
Bonus for administration director for 2021 is evaluated as 1% of gross profit
General reserve is to be increased by $ 6,000.

Required:

Prepare

a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2021,

b) a statement of changes in equity for the year ended 31 December 2021,

c) a statement of financial position at that date,

d) notes, in accordance with IAS 1 Presentation of Financial Statements.

Your answer should be as complete and informative as possible within the limits of the information given to you. An accounting policy note is also required.