7.6 Brighton Magnets Limited has the following balances in its books at 31 August 2012:

£

Closing inventories 186 420 Delivery vans at carrying amount 120 000 Secretarial costs 51 498 Electricity (administrative office) 12 491 Trade payables 219 411 Factory and plant at carrying amount 2 518 000 Retained earnings at 1 September 2011 1 597 172 Share capital – £1 ordinary shares 800 000

£
Administration office – telephone charges 6 964 Finance costs 1 207 Salespersons’ salaries 64 299 Delivery van depreciation 12 000 Other selling and distribution costs 5 911 Office rental 42 704 Other administrative expenses 36 075 Revenue 3 796 842 Interest receivable 644 Depreciation of office computer equipment 8 390 Salespersons’ commission 12 270 Office manager’s salary 21 704 Directors’ remuneration 59 200 Delivery van expenses 24 470 Trade receivables 321 706 Office equipment at carrying amount 151 020 Cash at bank 18 290 Cost of sales 2 712 350 Other operating income 12 900 Dividends paid 40 000 Note: corporation tax on the profits for the year is estimated at £216 470. This amount is not included in the list of balances above.
Required: prepare a income statement and a statement of changes in equity for Brighton Magnets Limited for the year ended 31 August 2012 and a statement of financial position at that date.
All three financial statements are to be presented in an appropriate format.