The following is the trial balance of Eskimo Limited at 31December 20X8: ESKIMO LIMITEDTRIAL BALANCE

 
   

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The following is the trial balance of Eskimo Limited at 31December 20X8:

ESKIMO LIMITEDTRIAL BALANCE AT 31DECEMBER 20X8

Retained earnings – 1/1/20X8

(145 000)

Non-current liabilities: Loan from AB Bank

(25 000)

Non-distributable reserves -1/1/20X8

(20000)

Share capital

(240 000)

Sales

(580000)

Interest income

(12 500)

Rent income

(23 000)

Cost of sales

300 000

Interest on bank overdraft

9 500

Other expenses

250 000

Administration expenses

25 000

Distribution expenses

25 000

Investments

50 000

Trade accounts receivable

250 000

Bank

(8 000)

Current tax payable

(12 800)

Inventories

120 000

Trade accounts payable

225 000)

Land

200 000

Equipment -cost

100 000

Equipment – accumulated depreciation

(40 000)

Taxation

1 800

Required:

a) Draft the statement of comprehensive income and statement of changes in equity for the financial year-ended 31 December 20X8 and statement of financial position at that date in accordance with International Financial Reporting Standards. Only the following notes are required:

• Analysts of expenses by function

• Profit before tax