Trial Balance for Kebaneilwe as at $31$ December $20$x$10$

Details DEBIT CREDIT

P$000$ P$000$

Cash at bank $198$

Inventory at $1$ January $20$x$94752$

Administrative expenses $4368$

Distribution costs $1290$

Building: cost $198003564$

Plant and equipment: Cost $2772$

Motor vehicle Cost $700$

Buildings: Accumulated depreciation $7920$

Plant and equipment: Accumulated depreciation $952$

Motor Vehicles: Accumulated depreciation $260$

Retained earnings $1108$

Trade receivables $1738$

Purchases $9316$

Dividend paid $400$

Sales revenue $26022$

$10\%$ loan note $1000$

Trade payables $2132$

share premium $1980$

Share capital $3960$

$4533445334$

NOTES

The following additional information is relevant.

a$)$ Inventory at $31$ December was valued at P $1205000$ closing invetory

b$)$ Depreciation is to be provided as follows:

$$ i$.$Buildings at $10\%$ straight line, charged to administrative expenses

ii$.$Plant and equipment at $20\%$ on the reducing balance basis, charged to cost of sales

iii.$$Motor vehicles at $25\%$ on the reducing balance basis, charged to distribution costs.

c$)$ Administrative expenses to be prepaid at P$820,000$ at year end

d$)$ Distribution costs Accrual at year end is P $650,000$

e$)$ Tax Expense for the year is P$222,000$

f$)$ Finance cost for the Year has to be accounted for

a$)$ Prepare the statement of profit and loss for the year ended $31$ December $20$X$10(20$ marks$)$

b$)$ Prepare the statement of changes in Equity for the year ended $31$ December $20$X$10(10$ Marks$)$

c$)$ Prepare the statement of Financial Position for the year ended $31$ December $20$X$10(20$ Marks$)$