You have been provided with the below information for Mixing Ltd:

Trial Balance as at 31 December 2023

Land and buildings at cost

Fixtures and fittings at cost

Motor vehicles at cost

Accumulated depreciation at 1 Jan 2023 - Buildings

Accumulated depreciation at 1 Jan 2023 - Fixtures & Fittings

Accumulated depreciation at 1 Jan 2023 - Motor vehicles

Overdraft

Revenue

Purchases

Inventory at 1 Jan 2023 Trade payables

Trade receivables

Operating expenses

Allowance for receivables at 1 Jan 2023 Retained earnings at 1 Jan 2023

Equity share capital

Additional information

Dr 000

5,000 1,980 200

Cr 000

1,000 260

80

55 2,090

75

5 3,905 500 7,970

Depreciation is treated as an operating expense, a full year is charged in the year of acquisition and none in the year of disposal, the following rates apply: Buildings 5% pa straight line; Fixtures and fittings 20% pa reducing balance; Motor vehicles 25% pa reducing balance.

360 30

120 280

7,970

[19:12, 20.11.2023] Zeynep: At the end of the year fixtures and fittings at a cost of 120k were scrapped. The accumulated depreciation associated with these assets was 90k.

At the end of the year motor vehicles with a cost of 70k were sold for 10k, the accumulated depreciation on these vehicles was 50k. The sales proceeds have not yet been received and have not been accounted for.

Of the land and buildings figure 3m relates to land.

The allowance for receivables is to be maintained at 5% of the closing receivables balance.

Closing inventory is 35k.

An electricity bill for 3k covering the quarter ended 31 December 20X3 was received on 2 January 2024. This has not been included in the accounts.

Public liability insurance of 18k for the 12 months to 30 April 2024 was paid on 1 May 2023. Tax to be accrued for the period is 180k.

Prepare the statement of profit or loss and the statement of financial position for Fixing Ltd as at 31 December 2023.