Exercise 16.1 ★ CURRENT ASSET AND LIABILITY CLASSIFICATIONS The general ledger trial balance of Joshua Limited at 31 December 2016 includes the following asset and liability accounts:

(a) Interest payable

(b) Trade receivables

(c) Accounts payable

(d) Prepayments

(e) Inventory of fi nished goods

(f) Allowance for doubtful debts (g) Cash (h) Accrued wages and salaries (i) Inventory of raw materials (j) Loan (due 31 October 2017) (k) Lease liability (l) Current tax payable £ 2 000 100 000 85 000 12 000 120 000 8 000 10 000 20 000 60 000 100 000 75 000 30 000 Additional information • The lease liability includes an amount of £13 000 for lease payments due before 31 December 2017. • The company classifi es assets and liabilities using a current/non-current basis. Required Prepare the current assets and current liabilities sections of the statement of fi nancial position of Joshua Limited as at 31 December 2016, using the minimum line items permitted under IAS 1.