Consider the following data being taken out of the Trial Balance of FB Ltd. as at 31 Dee., 2017:

  • July 1, 2021

Consider the following data being taken out of the Trial Balance of FB Ltd. as at 31 Dee., 2017: Cr Ordinary shares of $5 each620,000 Preference shares of $I each250.000 8%.debentures210,000 General reserve120,000 Retained profits115,324 Machinery at cos595000 Fixture at cost346.000 LAccumulated depreciation-Machinery158000 Accumulated dcprcciation-Fixtur98,400 Stock at January 2017193,720 Accounts receivable420,600 Accounts Payable99,940 Cash at bank266.605 Purchases248,880 Sales660,280 Administrative expenses.23,750 General expenses35,605 Directors’remuneration60,364 Distribution costs70,800 Dehenture interest8,400 Interim dividend paid-Ordinary shares12,4004/9目目 The following additional information relating to FB Ltd. is also available: 1. Stock at 31 December 2017 was valued at $160,200 2. Fixture costing $33,600, for which $28,080 depreciation had been provided, was sold for $7, 560 during the year. This transaction has not been recorded because the proceeds of sale has not yel been received at year end. 3. There was no purchase of fixed assets during the year. Depreciation on machinery and fixture are provided on straight-line basis on cost at the rate of 10% p.a. and 5% p.a. respectively. 4. Accrued distribution costs amount of S6,850 and prepaid for other expenses $8,870 were incurred in the year. 5. The estimated tax expenses for the year amounting to $22,220. 6. The directors have decided to increase the general reserve up to $135,000 in total. REQUIRED: Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017, a Statement of Changes in Equity and Statement of Financial Position as at that date. (Show all workings and calculation as marks will be given accordingly) (Total 36 marks)4/9目