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  3. required: 1. prepare the statement of profit or lo

Required: 1. prepare the statement of profit or loss for Youth Plc. for ended 31...

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Accounting

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Required: 1. prepare the statement of profit or loss for Youth Plc. for ended 31 December 2020 2. prepare the statement of financial position at that date.

The trial balance of Youth Plc. on 31 December 2020 is as follow: '000 '000 10,000 2,694 Share capital - Ordinary (1 per share) Accounts payable Buildings Plant and machinery Accumulated depreciation - Buildings Accumulated depreciation - Plant and machinery 35,260 28,000 32,552 7.200 4.266 258 13,700 1.748 5.156 9.190 1.440 Accounts receivable Accrued payable Bank loan (repayable in 15 years) Income tax expense Cash at bank Retained earnings Interest expense Income tax payable Sales revenue Purchases Distribution costs Administrative expenses Inventories as at 1 January 2020 Dividends paid 1.748 71,094 54,962 3,714 4,470 7.580 1.840 146,688 146,688 Further information: The inventories at the close of business on 31 December 2020 were valued at 8,134,000

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