Please answer the question As soon as possible

Section A -Compulsory Question 40 marks Question 1 The following trial balance was extracted for GLtd as at 30 June 2020: 000 000 400 40 60 20 50 400 100 20 200 45 1 Ordinary share capital 10% Debentures 5% Bank loan (long term) Share premium Retained profits Land and buildings at cost Machinery at cost Machinery - accumulated depreciation Fixtures and fittings at cost Fixtures and fittings - accumulated depreciation Sales Inventory 1 July 2019 Purchases Receivables Payables Rates and insurance General expenses Energy bills Audit fee Bad debt Directors' remuneration Debenture interest Interest on Bank loan Salaries and wages Cash Bank Interim ordinary dividend paid Totals 800 50 300 86 65 60 27 25 15 1 50 1 3 150 3 9 20 1500 1500 Additional information as at 30/06/2020: Inventory was valued at 40,000. Insurance prepaid 2,000. Energy bills accrued 1,000. Audit fee accrued 5000 Rates owing 1000 Debenture interest to be accrued The machinery to be depreciated by 20% on reducing balance The fixtures and fittings to be depreciated by 25% on straight line. The directors wish to provide 20,000 for taxation The directors propose a final ordinary dividend of 10 p per share. Required: (a) Income Statement for the year ended 30/06/2020. (b) Statement of Financial Position as at 30/06/2020. [20 marks] [20 marks]