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2. You are given the following extract of the trial balance of Murray Ltd for the year ended 31 December 20×1:
DR ($)
CR ($)
Gross profit
92,000
Audit fees
25,000
Advertising
18,000
Directors’ fees
15,000
Interest expense
4,000
Interim dividend
9,000
Income tax expense
6,000
Mortgage loan
50,000
Cash at bank
12,000
Issued and paid-up capital:
300,000 ordinary shares
300,000
Retained profits (at 1 January 20×1)
36,000
Required:
(a) Calculate net profit after tax for the year ended 31 December 20×1.
(b) Prepare a Statement of Changes in Equity for the year ended 31 December 20×1.
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