accounting writing question
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The following trial balance has been extracted from the books of Middle East Drone Company Ltd. on 31 December 2022
1). Inventory on 31 December 2022 was valued at cost of $237,500. Included in this balance were
goods that cost $37,500. These goods had become damaged during the year, and it is considered
that the goods could be sold for $12,500 after paying commission of $1,250.
2). Depreciation for the year to 31 December 2022 is to be charged against cost of sales as follows.
Buildings 5% on cost (straight line).
Plant and machinery 30% on carrying amount (reducing balance)
3), Land is to be revalued upwards by $200,000
4), Income tax of $330,000 is to be provided for the year to 31 December 2022.
5.The bank loan is repayable in 6 years time.
6.The directors declared a final dividend of $337.500.
Prepare the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position for the year ended 31 December 2022.
Note: Show all workings.
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