The following is the trial balance of Eskimo Limited at 31 December 20X8:
Trial Balance at 31 December 2018
Retained earnings (1/1/2018) 145 000
Non-current liabilities: Loan from AB Bank 25 000
Revaluation surplus (1/1/2018) 20 000
Ordinary share capital 240 000
Revenue: Sales 580 000
Interest income 12 500
Rent income 23 000
Cost of sales 300 000
Interest on bank overdraft 9 500
General expenses 113 000
Bad debts expense 20 000
Repairs and maintenance expense 30 000
Marketing expense 22 000
Fuel expense 40 000
Depreciation expense 25 000
Salaries 50 000
Investments in listed companies 50 000
Accounts receivable 250 000
Bank 23 000
Current tax payable 12 800
Inventories 120 000
Accounts payable 225 000
Land 200 000
Equipment: Cost 100 000
Equipment: Accumulated depreciation 40 000
Income tax expense 1 800
Dividends 15 000
1 346 300 1 346 300
· Share capital constitutes 120 000 ordinary shares of no par value. 20 000 shares were issued for N$40 000 on the first day of the year.
· The interest and rental income are incidental to main business operations.
· Eskimo Limited classifies expenses according to their function. Management categorise the functions of the business into the areas of sales, administration and distribution.
- Salaries of N$30 000 relate to the administrative function and N$20 000 to the distribution function.
- Depreciation on equipment of N$10000 relates to the administrative function and N$15 000 to the distribution function.
- The bad debts and marketing expenses relate to the administration function.
- The repairs and maintenance and fuel expenses relate to the distribution function.
· Dividends of N$15 000 in respect of the year ended 31 December 2017 were declared and paid during January 2018. Dividends of N$20 000 in respect of the year ended 31 December 2018 were declared on 15 January 2019.
· There are no movements in other comprehensive income.
a) Prepare the statement of comprehensive income of Eskimo Limited for the financial year ended 31 December 2018 in accordance International Financial Reporting Standards.
b) Prepare the statement of financial position of Eskimo Limited at 31 December 2018 in accordance with International Financial Reporting Standards.
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