Please answer all with working n calculation

Question 1 The following are the balances extracted from the firancial records of Sita Ltd as at 31 May 2o1 Building at cost Buildings accumulated depreciation at 1 June 2010 Plant at cost Plant, accumulated depreciation at 1 June 2010 Land at cost Bank balance Revenue Purchases Discount received Return inwards Wages & salaries Insurance expenses Inventory at 1 June 2010 Trade Payables Trade receivables Loan notes interest Administration Expenses Energy expenses Allowance for receivables at Directors remuneration Retained eanings at 1 June 2010 Dividend pakd E1 Ordinary shares Share premium account 10% loan notes 000 642 E000 48 176 30 I,SL0 28 144 14 128 200 256 64 70 56 104 20 570 60 40 2,704 Additional information as at 31 May 2011: 1. Clhsing inventory at 31 May 2011 have been valued at E60,000. 2. Energy expenses of E13,000 for May 2011 have not been invoiced or recorded.13 3. I Insurance expenses include 4000 for June and July 2011. N-4 1o The allowance for receivables is to be increased to 5% of trade receivables and the increase is to be alocated to administrative expenses. 4. tisdepreciate d at 25% per annum using reducing balance method. The entire amount should be to cost of sales. 5. Pa 6, Building are depreciated at 5% per annum on their original cost, allocated 50% to cost of sales, 30% to distribution cost and 20% to administrative expenses. Income tax of 40,000 is to be provided for the year. The expenses listed below should be apportioned as indicated: 7. 8. Cost of Sales Distribution cost Administrative Expenses Discount received Energy expenses Insurance expenses Wages and salaries 100% 30% 50% 2596 100% 50% 20% 50% 3596 4096 Required: Prepare the following financial statement for Sita Ltd in accordance with IAS 1 Presentation of financial statements: 1. Income statement for the year ended 31 May 2011. (15 marks) 2. Statement of financial position as at 31 May 2011. (10 Marks) (Total marks 25)