SKILLS EXECUTIVE FUNCTION, DECISION MAKING Additional information at 30 April 2020: inventory 350 000 interest owing on bank loan 20000 rent on the warehouse for the year 15000 per month wages apportioned factory 2, Office staff Va and warehouse staff 1/4 depreciation on the factory to be charged at 2 per cent using the straight-line method motor vehicles depreciated over 5 years with no residual value corporation tax provision calculated at 152000, payable by 31 December 2020. Ventalight plc manufactures roof ventilation products in its @ own factory. These are then transferred to the warehouse 1 In accordance with International Accounting before being shipped to customers worldwide. Standard 1, prepare the following: At 30 April 2020, the following balances were extracted (a) a statement of profit or loss and other from the books. comprehensive income for the year ended Ventalight plc 30 April 2020 (23 marks) Trial balance at 30 April 2020 (b) a statement of financial position at 30 April 2020. (17 marks) Dr Dr Bank loan - 2024 400000 Bank loan interest 10000 Cash and cash equivalents 160 000 Debenture 6% - 2029 1 800 000 Direct materials 4 200000 Factory at cost 3000000 Factory - provision for depreciation 50000 Goodwill 800000 Interest on debenture 108 000 Inventory at 1 May 2019 300000 Land at cost 3000 000 Marketing 750000 Motor vehicles at cost 150000 Motor vehicles - provision for depreciation 50000 Office expenses 180000 Ordinary shares 1 2 500 000 Rent (warehouse) 200000 Retained earnings 658 000 Revaluation reserve 100000 Revenue 9060000 Shipping expenses 490000 Trade payables 525000 Trade receivables 595 000 Wages 1 200 000 15 143000 15143000