The trial balance extracted from the books of Kami Limited as at 31 Deoember 2019 was as follows: ome opiment, o Motr vhice, cot Accumlted dapraiatin ary 201 244 omue oquimet Motor vehicie 1500 2144 Ivestory at 1 Jay 2019 Accem receivable Accemn pryshle Puha SAD440 Trmpertatim in Saln Administruive pe 1,14540 Selling enpem 64224 Rak lun, epeyalle in 2022 120 Bank loan interent enpene Ordinary share capital (720,00,O0 shares in e and hly paid) General reserve 600 Retuined profi lanary 2019 11.031,I80
The following additional information is available:
(i) Inventory as at 31 December 2019 was valued at $560,400,000 after inventory count.
(ii) The bank statement for December 2019 showed a bank loan interest of $1,200,000 was deducted but no entries have been recorded in the book.
(iii) It was discovered that a payment of $9,600,000 for purchase of office equipment on 1 January 2019 had been wrongly treated as purchase of inventory. The cash paid was correctly recorded in the bank account. No adjustment has been made. There are no other additions or disposal of fixed asset during the period.
(iv)
(v) The following year-end adjustments are to be made:
$'000
Accrued administrative expenses 14,400
Prepaid selling expenses remained 6,264
Profits tax provision for 2019 88,200
(vi) The company declared a bonus issue of one for ten shares. The bonus issue is financed by transferring $72,000 out of
(vii) The following appropriations are to be made:
Transfer to general reserve: $24,000,000
Final dividends for ordinary shares: $0.8 per share
Question : ) Construct a statement of profit or loss for the year ended 31 December 2019. Notes to the accounts are not required.
Note: the format should be like that and using double declining balance method for motor vehicle. I am not sure if the answer is accurate like the photo i posted above. Thanks a lot.
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