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V18] The trial balance of Beta shows the following balances at 31 December 2021: Dr Cr $000 Ordinary share capital (500,000 shares) Foreign currency translation
V18] The trial balance of Beta shows the following balances at 31 December 2021: Dr Cr $000 Ordinary share capital (500,000 shares) Foreign currency translation reserve Investment property Retained earnings 1 January 2021 Inventory Income from ordinary activities Office buildings (cost) Office buildings (aggregate depreciation) Expenses from ordinary activities Cash Accounts receivable 10% loan (payable on 01 December 2027) Trade accounts payable Other receivables Final dividends payable Income tax Finance cost Property tax payable Investments in Gazprom Revaluation surplus Share premium account Bank overdraft Warehouse buildings Equipment and vehicles Leasehold property Additional information: (1) (2) (3) (4) (5) (6) 100 600 980 356 350 12 35 22 92 381 160 303 120 3511 893 362 28 34 $000 1500 26 269 50 40 3 300 6 3511 Depreciation charges for the year should be calculated at 10% on cost for equipment and vehicles and at 2% on book value for buildings. The income tax for the year is evaluated as $17,000 Receivables totalling $4,000 are to be written off Allowance for receivables should be created as 0,1% of net sales The loan note issue during the year took place on 1 April 2021, and all interest for the year should be accrued Life insurance for general director is to be accrued $3,000. (7) Dividends were paid $0.1 per share at 31 December 2021. (8) Administrative expenses of $1,150 were prepaid on 31 December 2021 (9) An invoice for telephone charges for the quarter ended 1 February 2022 for $15,000 was received by the company after the above trial balance was extracted. Telephone expenses are included in administrative expenses. (10) On 1 October 2021, Beta issued 5,000,000 equity shares at $5 each. Required: Prepare a) a statement of profit or loss (income statement) for the year ended 31 December 2021,
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