Question $1$: Income Statement & Balance Sheet

The following balances have been extracted from the books of Alpha Berhad as of $31$

December $2016.$ Currency in AED.

Iand and Building

Furniture and Fixtures

Motor Vehicles

Accumulated Depreciation:

Motor Vehicles

$5\%$ Loan from CIMB

$10\%$ Fixed deposit at MAXBANK

Bank

Cask

Account payrable

Inventories, $1$ Jan

Account receivable

Dividend

Common stock$/$Share capital

Duty on purehase

Carriage imvards

Returns

Purchases and sales

Discoumts

Salaries expenses

Repair and maintenance expenses

Commissions

Insurance expenses

Utilities

Rental received

General expenses

Retained eamings, $1$ Jan

$100,000$

$120,000$

so$,000$

SO$,$OOO

$95,000$

$180,000$

$40,000$

$12,000$

$4,500$

$460,000$

$15,000$

$250,000$

$80,500$

$16,000$

$24,000$

$36,000$

$21,800$

$3,984,80$

Credit

$($RNI$)$

$216,500$

$750,000$

$1,500,000$

$7,000$

$870,00017,000$

$17,000$

$26,000$

$40,000$

$480,000$

$3,984,800$

Additional information:

Closing inventories as of $31$ December $2016$ was valued at AED$120,000.$

Interest on loan has been accrued for the year ended. The loan was taken on $1$March

Depreciation was to be provided:

Furniture and Fixtures AED$2,500$ per month. Motor Vehicles $10\%$ on reducing

balance method.

Fixed deposit was invested on $1$July$2016.$ Interest on fixed deposit was still accrued

for $2016.$

Utilities outstanding amounted to AED$1,300$ and insurance prepaid was AED$500\mathrm{.}6.$

The company collected a receivable from customer, AED$15,200,$ however the

bookkeeper recorded it at AED $12,500.$ This transaction has not been adjusted in the

books of Alpha Berhad.

Required:

Prepare the statement of profit or loss for the year ended $31$ December $2016.$

Prepare the retained earnings statement for the year ended $31$ December $2016.$

Prepare the statement of financial position as of $31$ December $2016.$