Men Conference Ltd has an authorized share capital of 60,000,000 ordinary shares of Sh. 10 each and 500,000 shares of Sh. 50 each. The following trial balance of the company was extracted as at 31.12 2018.

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Issued and fully Paid share Capital: Ordinary shares Preference shares Cr Dr 250,000,000 200,000,000 Share premium 8% debentures 10,000,000 3,000,000 Premises (cost) Motor vehicles (cost) 182,000,000 150,000,000 Furniture and Fittings 86,000,000 Pro. for depreciation on: Motor vehicles. 17,000,000 Furniture and Fittings 9,000,000 Stock Bad debts Debtors and creditors 26,000,000 1,200,000 61,000,000 13,000,000 Rent and Rates Directors' salaries Returns Audit fee Purchases/Sales Cash at bank Retained Profit b/f. Additional information.: 1. Closing Stock was valued at 41,000,000 2. Directors proposed to transfer 8,000,000 to general reserve and pay dividends at 3%on ordinary shares. 3. Provide for depreciation of motor vehicles at 10% of cost and on furniture and fittings at 10% on book value. a) Prepare the company's comprehensive income statement for the year ended 31st Dec. 2018. (8 marks) b) Statement of the financial position as at 31 December 2018. (7 marks) 3,500,000 25,000,000 4,000,000 2,500,000 7,000,000 137,000,000 198,000,000 85,000,000 38,200,000 767,700,000 767,700,000 Issued and fully Paid share Capital: Ordinary shares Preference shares Cr Dr 250,000,000 200,000,000 Share premium 8% debentures 10,000,000 3,000,000 Premises (cost) Motor vehicles (cost) 182,000,000 150,000,000 Furniture and Fittings 86,000,000 Pro. for depreciation on: Motor vehicles. 17,000,000 Furniture and Fittings 9,000,000 Stock Bad debts Debtors and creditors 26,000,000 1,200,000 61,000,000 13,000,000 Rent and Rates Directors' salaries Returns Audit fee Purchases/Sales Cash at bank Retained Profit b/f. Additional information.: 1. Closing Stock was valued at 41,000,000 2. Directors proposed to transfer 8,000,000 to general reserve and pay dividends at 3%on ordinary shares. 3. Provide for depreciation of motor vehicles at 10% of cost and on furniture and fittings at 10% on book value. a) Prepare the company's comprehensive income statement for the year ended 31st Dec. 2018. (8 marks) b) Statement of the financial position as at 31 December 2018. (7 marks) 3,500,000 25,000,000 4,000,000 2,500,000 7,000,000 137,000,000 198,000,000 85,000,000 38,200,000 767,700,000 767,700,000

Answer rating: 100% (QA)

a Comprehensive Income Statement for the Year Ended 31st Dec 2018 Revenue Sales 198000000 Cost of Go... View the full answer