The following trial balance has been extracted from the accounting records of Walrus plc as at 31 March 2023:

The following information is also available:1. Non-depreciable land was valued at £300,000 on 31 March 2023 and this valuation is to be incorporated into the accounts for the year to 31 March 2023.

2. The company's depreciation policy is as follows:Buildings ...............................    4% p.a. straight lineEquipment ...........................    40% p.a. reducing balanceVehicles ................................    25% p.a. straight lineIn all cases, a full year's depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal. None of the assets had been fully depreciated by 31 March 2022.3. On 1 February 2023, a motor vehicle used entirely for administrative purposes was sold for £10,000. The sale proceeds were banked and credited to a disposal account but no other entries were made in relation to this disposal. The vehicle had cost £44,000 in August 2019. This was the only disposal of a non-current asset made during the year to 31 March 2023.4. Depreciation is apportioned as follows:

5. The company's inventory at 31 March 2023 is valued at £119,000.6. Trade receivables include a debt of £8,000 which is to be written off. The allowance for receivables is to be adjusted to 4% of the trade receivables which remain after this debt has been written off.7. The taxation liability for the year to 31 March 2022 was over-estimated by £6,000. The taxation liability for the year to 31 March 2023 is estimated to be £30,000.8. One-quarter of wages and salaries were paid to distribution staff and the remaining three-quarters were paid to administrative staff.9. General administrative expenses include bank overdraft interest of £9,000.10. A dividend of 10p per ordinary share was paid on 31 December 2022. No further dividends are proposed for the year to 31 March 2023.

Required:Prepare the following financial statements for Walrus plc in accordance with the requirements of international standard IAS1:(a) A statement of comprehensive income for the year to 31 March 2023(b) A statement of financial position as at 31 March 2023(c) A statement of changes in equity for the year to 31 March 2023.

Transcribed Image Text:

Land, at cost Buildings, at cost Equipment, at cost Vehicles, at cost Goodwill, at cost Accumulated depreciation at 1 April 2022: Buildings Equipment Vehicles Inventory at 1 April 2022 Trade receivables and payables Allowance for receivables Bank balance Taxation Ordinary shares of fl each Retained earnings at 1 April 2022 Sales Purchases Directors' fees Wages and salaries General distribution costs General administrative expenses Dividend paid Rents received Disposal of vehicle £000 120 250 196 284 300 107 183 488 150 276 101 186 20 2,661 £000 90 76 132 117 8 57 200 503 1,432 30 10 2,661