Question: Section A - Both questions within Section A are compulsory. PLEASE USE THE ANSWER BOOKLET PROVIDED. Question 1 You have been asked to help

Section A - Both questions within Section A are compulsory. PLEASE USE THE ANSWER BOOKLET PROVIDED. Question 1 You have been asked to help prepare the financial statements of Purple Plc for the year ended 31 December 2021. The company's trial balance as at 31 December 2021 is shown below. Purple Plc Trial balance as at 31 December 2021 Debit Credit '000 '000 Share capital Share premium Revaluation Reserve at 1 January 2021 Land - value 105,000 52,500 21,000 40,000 Buildings - cost 212,000 Buildings accumulated depreciation at 1 January 2021 47,250 Plant and equipment - cost 67,200 Plant and equipment - accumulated depreciation at 1 January 2021 37,800 Trade and other payables 18,323 Trade and other receivables 42,600 Accruals 2,415 7% bank loan repayable 2025 42,000 Cash at bank 5,060 Retained earnings at 1 January 2021 27,132 Interest 1,470 Sales 211,953 Purchases 141,183 Returns inwards 1,554 Returns outwards 1,029 Distribution costs Administrative expenses 17,493 16,254 Inventories as at 1 January 2021 15,288 Final dividend for year ended 31 December 2020 Interim dividend for year ended 31 December 2021 3,780 2,520 566,402 566,402

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