The draft statement of financial position shown below has been prepared for Shuswap, a limited liability company, as at 31 December 2009.

The following further information is available:
1. The land and buildings were revalued to $12 000 000 at 31 December 2009.
ii. Trade receivables totaling $200 000 are to be written off.
iii. During the year there was a contra settlement of $106 000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. No entry has yet been made to record the set-off.

iv. Some inventories items included in the draft statement of financial position at cost $500 000 were sold after the statement of financial position date for $400 000, with selling expense of $40 000.
V. The proceeds of issue of 4 000 000 50c shares at $1.10 per share, credited have not been recorded, vi. A plant was sold for $400 000 on 1 January 2009 with a net book value at the date of sale of $700 000, which had originally cost $1 400 000. No entries have been made for the disposal of the plant except for depreciation which has been charged at 25% (straight-line basis) in preparing the draft statement of financial position. The depreciation for the year relating to the plant sold should be adjusted in full.
Required: Prepare the company’s statement of financial position as at 31 December 2009. Details of noncurrent assets, adjusted appropriately, should appear as they are presented in the question. [ACCA adapted]

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Assets Noncurrent assets 5000 Accumulated Cost Depreciation Net Book Value Land and buildings 9 000 Plant and equipment 21 000 1.000 9.000 12 000 8 000 30.000 10 000 20 000 Current assets Inventories Receivables-Net allowance Cash at bank Total assets Equity and liabilities Capital and reserves Issued share capital (ordinary shares of 50c each) Retained earnings Noncurrent liabilities Loan notes (redeemable 2010) Current liabilities Trade payables 3.000 2 600 1.900 27 500 11.000 12 400 2 000 2100 27 500