Formatone plc produced the following trial balance as at 30 June 20X6: The following information is available:

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Formatone plc produced the following trial balance as at 30 June 20X6:

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The following information is available:
(i) A revaluation of the Land and Buildings on 1 July 20X5 resulted in an increase of £3,240,000 in the Land and £972,000 in the Buildings. This has not yet been recorded in the books.
(ii) Depreciation:
Plant and Equipment are depreciated at 10% using the reducing balance method.
Intangible assets are to be written down by £540,000.
Buildings have an estimated life of 30 years from date of the revaluation.
(iii) Taxation
The current tax is estimated at £169,200.
There had been an overprovision in the previous year.
Deferred tax is to be increased by £27,000.
(iv) Capital
150,000 shares were issued and recorded on 1 July 20X5 for 80p each.
A further dividend of 5p per share has been declared on 30 June 20X6.
Required:
Prepare for the year ended 30 June 20X6 the statement of comprehensive income, statement of changes in equity and statement of financial position.
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Financial Accounting and Reporting

ISBN: 978-1292080505

17th edition

Authors: Barry Elliott, Jamie Elliott

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