(Solution) - The following trial balance was extracted from the books of -(2025 Original AI-Free Solution)

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The following trial balance was extracted from the books of Old NV on 31 December 20X1.

Note of information not taken into the trial balance data:
(a) Provide for:
(i) An audit fee of ?38,000.
(ii) Depreciation of plant at 20% straight-line.
(iii) Depreciation of vehicles at 25% reducing balance.
(iv) The goodwill suffered an impairment in the year of ?177,000.
(v) Income tax of ?562,000.
(vi) Debenture interest of ?25,000.
(b) Closing inventor y was valued at ?1,125,000 at the lower of cost and net realizable value.
(c) Administrative expenses were prepaid by ?12,000.
(d) Land was to be revalued by ?50,000.

Required:
(a) Prepare a statement of income for internal use for the year ended 31 December 20X1.
(b) Prepare a statement of comprehensive income for the year ended 31 December 20X1 and a statement of financial position as at that date in Format 1 style ofpresentation.