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QUESTION THREE The following list of account balances have been provided by Champa Ple on 31 December 2016, which is the end of the company's accounting period: K 470,000 413,500 5.000 78,500 10, 750 Share capital K Retained earnings - 1 January 2016 Goodwill Investment in shares 140,000 Land at cost 100,000 Buildings at cost 200, 500 Accumulated depreciation - buildings - 1 January 2016 200,000 Factory plant and equipment at cost Accumulated depreciation - Plant and equipment - 1 January 2016 100,000 Furniture and fittings at cost Accumulated depreciation -- furniture and fittings - 1 January 2016 120,000 Motor vehicles at cost Accumulated depreciation - motor vehicles 70,000 15% loan notes Trade receivables/payables 162, 630 Bank overdraft Inventories at cost - 1 January 2016 425,650 Purchases - raw materials 650, 600 Carriage - raw materials 10, 500 Manufacturing wages 250.000 Manufacturing overheads 125,000 Cash 5. 120 Sales Administrative expenses 108, 100 Selling and distribution expenses 166,000 Legal and professional fees 54,900 Suspense 2,889,000 20,000 200,000 152, 500 6.250 1.532, 000 500 2.889,000 Additional information 1. Inventories at 31 December 2016 were: Raw Materials Finished goods Work in progress K 60, 600 65, 350 40.500 bank account. 2. The suspense account relates to the following errors: a. Share capital issued for K250 and share premium of 50 were only entered in the b. Legal fees of K100 had not been debited to the appropriate expense account. c. A cheque payment of K300 had not be entered in the bank account. 3. Depreciation for the year is to be charged as follows: Plant and equipment 12% on reducing balance Buildings 10% on cost Furniture and fittings 20% on reducing balance Motor vehicles 30% on reducing balance charged to selling and distribution. 4. A transfer to general reserve of K 40,000 is required as at 31 December 2016. 5. The buildings are to be revalued to K190,000 as at 31 December 2016. 6. 50% of administration expenses in the trial balance relate to rental payment for one year to June 2017 7. Goodwill, plant and equipment and motor vehicles represent a cash generating unit whose carrying amount exceeds its recoverable amount by 20%. 8. A review of the investment in shares at year end revealed that the market value exceeded the book value by K20,000. 9. Provision is to be made for a full year's interest on loan notes and 40% tax on profit before tax. Required Prepare the Statement of Profit or Loss and other Comprehensive Income and the Statement of Financial Position for Champa Plc for the year to 31st December 2016. 25 Marks