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Below is the trial balance for Asuka Supplements Plc as at 31 March 2024. Asuka Supplements Plc Trial balance at 31 March 2024 Debit Credit Sales revenue 775,900 Opening inventory 112,500 Purchases 502,800 Administrative expenses 88,600 Distribution costs 55,400 Rent expense 58,200 Equipment 60,200 Accumulated depreciation on equipment 24,400 Vehicles 86,000 Accumulated depreciation on vehicles 16,500 Non-current investment at net book value (NBV) 28,500 Receivables 102,000 Allowance for receivables 10,000 Payables 98,600 Bank 8,500 Ordinary shares (nominal value 1 per share) 120,000 Retained earnings 36,500 8% 10-year bank loan 25,000 Ordinary interim dividend - paid 4,200 Total 1,106,900 1,106,900 The following information is relevant and not shown in the trial balance above. 1. Closing inventory as at 31 March 2024 is 82,000. 2. Irrecoverable receivables to be written off amount to 3,000. 3. The allowance for receivables is to be set at 5% of net receivables at the financial year end. 4. Asuka Supplements Plc's depreciation policy is as follows. Equipment is to be depreciated at 10% on a straight-line basis. Vehicles are to be depreciated at 15% on a reducing balance basis. No depreciation has been charged for the year ended 31 March 2024. Furthermore, no additions or disposals have taken place during the year. 5. Rent expense in the trial balance includes 9,300 of rent paid for the quarter ended 31 May 2024. Question 1 B293 June 2024 TURN OVER 3 6. The audit fee relating to the year ended 31 March 2024 is estimated to be 4,500. This has not been paid as at 31 March 2024. 7. Irrecoverable receivables, depreciation on equipment, rent expense, and the audit fee are to be allocated to administrative expenses. Depreciation on vehicles is to be recorded under distribution costs. 8. A full year's interest on the 10-year bank loan is to be accrued. 9. The corporation tax rate for the year ended 31 March 2024 is 25%. Required: Note: Round your answers to the nearest . (a) of financial performance for Asuka Supplements Plc for the year ended 31 March 2024. Remember to show your workings. (14 marks) (b) Prepare a statement of financial position for Asuka Supplements Plc as at 31 March 2024. Remember to show your workings. (13 marks) (c)the retained earnings section of the statement of changes in equity for Asuka Supplements Plc for the year ended 31 March 2024. (3 marks) (Question 1 total: 30 marks)

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