Statement of Comprehensive Income Assignment
BID entre for angor Unive SECTION A: Answer both questions Question 1: (25 marks) were PART A (20 marks) Prepare the financial statements for Delta for the year ended 31″ December 2017.
A trial balance as at 31st December 2017 is shown below: Cr. Dr. E000 £000 out the formes are prow 63,000 Sales Purchases 38,000 70,000 Property, Plant and Equipment – Cost Property, Plant and Equipment- Accumulated Depreciation Inventories as at 1 January 2017 30,000 8,500 ISlar 500 Interest expense Accruals Distribution costs Administrative expenses Retained earnings as at 1 January 2017 Trade receivables Cash at bank 8% bank loan repayable 2021 Share capital: ordinary @E1 nominal value Share premium Trade payables 800 6,000 6,000 ogramm Foupdat Year 1 21,500 7,500 Year 2 ear 3 1,500 6,000 11,200 4,000 station F 1,500 138,000 138,000 sheet surely Additional information provided to you: a) Management decided not to distribute dividend for this year. b) £800,000 included in the sales figure is on credit and is for the month of January 2018. c) Closing inventories amounted to £5,500,000. In this amount, inventories cost £300,000 but can be sold for only £150,000. d) £150,000 transportation cost is not included in the trial balance since the invoice was received after the year-end. e) Interest expense for the last 6 months has not been included Corporate tax rate is 30 % of taxable income. Given the above information, now prepare the statement of comprehensive income for the year ended 31st December 2017 and the statement of financial position as at that date. .