2. Macbeth ple prepares its financial statements for the year ended 31 March. The company has extracted the following trial balance at 31 March 2012: 000 000 10.250 8.120 9,930 6,460 1.670 16.141 456 106 9,060 5,800 6% Loan notes (redeemable 2016) Trade payables Trade receivables Accumulated depreciation at 31 March 2011 Plant & Equipment Vehicles Administrative expenses Bank Purchases returns Distribution costs Dividends paid Dividends received Equity shares, 20p each, fully paid Interest paid on 6% loan notes Inventories Investments, non-current Plant & equipment, at cost Proceeds from issue of share capital Provision for doubtful debts at 31 March 2011 Purchases Retained earnings at 31 March 2011 Sales Taxation Vehicles, at cost 850 19,000 615 4,852 15,000 27,315 1.500 600 94.160 14,677 124,900 4 5,720 188,593 188.593 The following further information is available: (1) Non-current assets are to be depreciated as follows: Plant & equipment 20% per annum straight-line Vehicles 25% per annum reducing balance (2) An invoice for telephone charges for the quarter ended 1 May 2012 for 15,000 was received by the company after the above trial balance was extracted. Telephone expenses are included in administrative expenses. (3) The company paid 156,000 insurance premiums for the year 1 November 2011 to 30 October 2012. This amount is included in administrative expenses. (4) The closing inventory at 31 March 2012 was 5,180,000 (5) Subsequent to drawing up the trial balance, the company has been informed that a major customer owing 348,000 has gone into administration, and Macbeth ple will receive only 25% of the amount owing. Macbeth plc has also decided to change its provision for doubtful debts to 5% of the remainder of receivables balances. (6) Tax due for the year to 31 March 2012 is estimated at 30,000. The taxation balance in the trial balance relates to an overestimate of the tax charge in the year ended 31 March 2011 (7) On 1 October 2011, Macbeth plc issued 5,000,000 equity shares at 30p each. The proceeds were credited to the proceeds from the issue of share capital account'. (8) The final dividend for the year ended 31 March 2011 of 4p per share was paid in August 2011 and an interim dividend for the year ended 31 March 2012 of 2p per share was paid in November 2011. The final 2012 dividend is proposed at 5p per share. Macbeth plc shows dividends paid in the Statement of Changes in Equity and does not provide for final dividends. Required: (a) Prepare Macbeth ple's (2000s to one place of decimals): i. ii. iii. Income Statement for the year ended 31 March 2012 Statement of Changes in Equity for the year ended 31 March 2012. Statement of Financial Position at 31 March 2012 (10 marks) (4 marks) (8 marks) (b) Mrs MacDuff has owned 1,000 Ordinary Shares in Macbeth ple for a number of vears. She has asked you to clarify the following in respect of the dividend income on her shares: What was the amount of dividends she should have received in the year ended 31 March 2012? . If the share price is 200p what was the dividend yield for the year ended 31 March 2012? Prepare a note which answers her questions