The following trial balance has been extracted from the ABC Trading Limited on 31 March 2019:...

 

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The following trial balance has been extracted from the "ABC Trading Limited" on 31 March 2019: Trial Balance as at 31 March 2019 Purchases and sales Carriage inwards Fixture and fitting, at cost Motor vans, at cost Accumulated depreciation, at 1 April 2018 -Equipments -Motor vehicles Return inwards and outwards Discount allowed and received Trade receivables and payables Inventory, at 1 April 2018 Debenture interest paid Administrative expenses Selling and distribution expenses Director's fee Other operating expenses Intrim dividend paid Cash at bank and in hand Allowance for doubtful debts, at 1 April 2018 Ordinary share capital Debit S 3,363,780 99,820 1,150,000 710,000 156,800 35,000 429,400 377,500 7,000 540,800 392,900 84,000 283,400 70,000 270,500 7,970,900 Credit $ 5,449,800 4% Debenture, repayable in 2025 Share premium General reserve Retained profits, at 1 April 2018 The following additional information is available: (1) Inventory at 31 March 2019 was valued at cost of $392,500 and at net realizable value of $334,000. (2) Sales commission of $5,000 was owing at 31 March 2019. (3) The debentures were issued on 1 July 2018 and interest is payable 336,000 210,000 101,600 24,000 246,800 18,200 1,000,000 350,000 80,000 60,000 94,500 7,970,900 half-yearly in arrears on 1 January and I July each year. The first interest payment for the period from 1 July 2018 to 31 December 2018 was paid and recorded on 1 January 2019. Income tax expenses of $43,300 is to be provided for. (4) (5) The board of directors resolved to transfer $100,000 out of profit to general reserve on 31 March 2019. (6) Administrative expenses include an insurance of $2,400 paid for the year from 1 October 2018 to 30 September 2019. (7) Depreciation is to be provided for non-current assets as follows: - Fixtures and fittings -Motor vans 15% per annum using the straight line method 25% per annum using reducing balance method (8) Allowance for doubtful debts at 31 March 2019 was estimated to be $20,000. (9) The director propose a final dividend of $10,000 Required: Prepare for ABC Trading Limited, (a) a statement of comprehensive income for the year ended 31 March 2019. (15 marks) (b) a statement of financial position as at 31 March 2019. (15 marks) The following trial balance has been extracted from the "ABC Trading Limited" on 31 March 2019: Trial Balance as at 31 March 2019 Purchases and sales Carriage inwards Fixture and fitting, at cost Motor vans, at cost Accumulated depreciation, at 1 April 2018 -Equipments -Motor vehicles Return inwards and outwards Discount allowed and received Trade receivables and payables Inventory, at 1 April 2018 Debenture interest paid Administrative expenses Selling and distribution expenses Director's fee Other operating expenses Intrim dividend paid Cash at bank and in hand Allowance for doubtful debts, at 1 April 2018 Ordinary share capital Debit S 3,363,780 99,820 1,150,000 710,000 156,800 35,000 429,400 377,500 7,000 540,800 392,900 84,000 283,400 70,000 270,500 7,970,900 Credit $ 5,449,800 4% Debenture, repayable in 2025 Share premium General reserve Retained profits, at 1 April 2018 The following additional information is available: (1) Inventory at 31 March 2019 was valued at cost of $392,500 and at net realizable value of $334,000. (2) Sales commission of $5,000 was owing at 31 March 2019. (3) The debentures were issued on 1 July 2018 and interest is payable 336,000 210,000 101,600 24,000 246,800 18,200 1,000,000 350,000 80,000 60,000 94,500 7,970,900 half-yearly in arrears on 1 January and I July each year. The first interest payment for the period from 1 July 2018 to 31 December 2018 was paid and recorded on 1 January 2019. Income tax expenses of $43,300 is to be provided for. (4) (5) The board of directors resolved to transfer $100,000 out of profit to general reserve on 31 March 2019. (6) Administrative expenses include an insurance of $2,400 paid for the year from 1 October 2018 to 30 September 2019. (7) Depreciation is to be provided for non-current assets as follows: - Fixtures and fittings -Motor vans 15% per annum using the straight line method 25% per annum using reducing balance method (8) Allowance for doubtful debts at 31 March 2019 was estimated to be $20,000. (9) The director propose a final dividend of $10,000 Required: Prepare for ABC Trading Limited, (a) a statement of comprehensive income for the year ended 31 March 2019. (15 marks) (b) a statement of financial position as at 31 March 2019. (15 marks)