Preparing a trial balance, comprehensive income statement and a statement of financial position

The following is a list of account balances of Your co. Ltd at 31 December 2020.

Additional information;

 

  1. All the motor vans were purchased on 1st/01/2017
  2. Depreciation has been, and is to be, provided at the rate of 20% per annum on cost from the date of purchase to the date of sale.
  3. On 31st/12/2020 a motor vehicle, which had cost $13,500, was sold for $8,250, as part settlement of the price of $12,000 of a new van, but no entries with regard to these transactions were made in the books.
  4. The estimated corporation tax liability for the year to 31st/12/2020 was $190,500.
  5. It is proposed to pay a final dividend of 10% for the year to 31st/12/2020.
  6. Closing inventory was valued at $250,500.

 

Required:  

  1. Prepare a trial balance for the year ended 31st/12/2020
  2. Prepare a comprehensive income statement for the year ended 31st/12/2020
  3. Prepare a statement of financial position as at 31st/12/2020

ANSWER -trial balance for the year ended 31st/12/2020

ANSWER -A comprehensive income statement for the year ended 31st/12/2020

ANSWER -A statement of financial position as at 31st/12/2020

Workings