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The following trial balance has been extracted from the books of Mr Momoh as at 31...

The following trial balance has been extracted from the books of Mr Momoh as at 31 March 2019

Le000 Le000

Administrative expenses       250

Distribution costs 295

Share capital (all ordinary share of Le 1.00)   270

Share premium 80

Revaluation reserve 20

Dividend    27

Cash at bank and in hand 3

Receivables        233

Interest paid    25

Dividend received    15

Interest received 1

Land and building at cost (land 380 building Le 100) 480

Land and building accumulated depreciation        30

Plant and machinery at cost 400

Plant and machinery accumulated depreciation     170

Retained earnings amount (1 April 2018)    235

Purchases 1260

Inventory at 1st April 2018   140

Sales     2165

Trade payables        27

Bank loan      100

   3113                            3113

Additional information:

Inventory at 31st March 2019 was valued at cost of Le 95,000 in this trial balance were goods that had cost Le 15,000. These goods had become damaged during the year and it is considered that following remedial work the goods could be sold for Le 5,000.

Depreciation for the year to 31st March 2019 is to be charged against cost of sales as follows:

Building 5 %on cost (straight line)

Plant and machinery 30% on carrying value (reducing balance)

Income tax of Le 65,000 is to be provided for the year to 31st March 2019

Land is to be revalued upwards by Le 100,000

Required: Prepare the statement of comprehensive income (profit and loss) and a statement of financial position (balance sheet) for the year ended 31st march 2019.

  

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Expert Solution

ekkarill92 answered 1 year ago
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