This is Financial accounting 1B, pls help me with clear and full answers.

Financial accounting 1b.clear and full answers.

Question 2 (40 marks) Quantum Ltd is a business that has traded for many years. The following balances were extracted from the general ledger on 30 September 2018, Quantum Ltd Trial balance as at 30 September 2018 Dr (N$) Cr (N$) 2,895,000.00 Sales 2,100,000.00 20,000.00 254,000.00 31,000.00 179,000.00 295,000.00 126,000.00 50,000.00 2,530.00 45,550.00 Purchases Interest on debentures Salaries Advertising Trade receivables Trade payables Cash at bank Dividend payable Discount receivable Stationery Miscellaneous expenses Bank charges Allowance for credit losses Credit losses Ordinary share capital (N$ 0.50 per share) 8% Preference share capital 10% debentures Retained earnings (01 Oct 2017) General reserve (01 Oct 2017) Share premium Land and Building at cost (01 Oct 2017) Building - Accumulated depreciation (01 Oct 2017) 113,000.00 8,750.00 8,970.00 1,700.00 600,000.00 250,000.00 400,000.00 242,000.00 171,000.00 65,000.00 430,000.00 20,000.00 Page 12 of 27 8. Allowance for credit losses was to be reduced to N$ 8 000. 9.8% preference shares are part of equity 10. The management wishes to provide for the following: Interest on debentures due A transfer to general reserve of N$ 22 000 Auditors fee N$ 15 750 You are required to: 1. Prepare a statement of profit or loss and other comprehensive income for the year ended 30 September 2018. It should comply with the requirements of the Companies Act 71 of 2008 and International Financial Reporting Standards (IFRS) (15 marks) 2. Prepare a statement of financial position as at 30 September 2018 to comply with the requirements of the Companies Act 71 of 2008 and IFRS. (16 marks) 3. Prepare the notes to the financial statements for the following: (9 marks) 3.1 Basis of presentation 3.2 Summary of significant accounting policies 3.3 Trade and other receivables 3.4 Equity