(a)[4]
Prepare a summarised draft statement of financial position as at 31 December 2019.
(b)[6]
Prepare an extract from the statement of changes in equity for the year ended 31 December 2019 that shows the movement in retained earnings.
(c)[4]
Define what is meant by the term ‘impairment of assets’.
(d(i))[2]
Explain how the directors ought to adjust the draft financial statements to deal with issue 1.
(d(ii))[3]
Explain how the directors should adjust the draft financial statements to deal with issue 2.
(e)[6]
Calculate the adjusted profit for the year after taking issue 1 and issue 2 into account.