40 Question 1 (25 marks) 30 min trial balance below was extracted from the accounts system of Autopack plc at the years Trial Balance 31/3/2019 DEBIT CREDIT C'000 000 4,225 Administration expenses A Bank overdraft Cash and cash equivalents Corporation tax Debenture redemption reserve L Distribution expenses 3,680 565 A Dividend A Inventory 700 Debenture 1,500 80 Debenture interest A Plant & Equipment -cost 5,850 Plant & Equipment - accumulated depreciation 2,250 L Profit reserve 890 A Property 8,635 Provision for bad debts 75 Purchases 9,620 Revaluation reserve 540 A Revenue 19,500 Share capital (ordinary shares 1,000,000 @ 65 per share) 5,000 Share premium 4,025 Trade and other payables 800 Trade and other receivables 1,600 25,000 35,000 -- Additional Information: 1. A stock count valued closing inventory at 720,000, at 2. Administration expenses prepaid at the end of year amounted to 225,000.gt 3 Distribution expenses outstanding at the end of year amounted to 145,000.at 14 Depreciation of Plant and Equipment should be provided for at 20% per annum reducing balance. 5. The provision for bad debts should be maintained at 5% of trade receivables 6. Interest of 6% p.a. has been agreed in relation to the debenture loan. 7. Additional corporation tax of 65,000 must be provided for. 8. A transfer of 120,000 to the debenture redemption reserve should be made. 9. An independent valuation certified that property showed an increase in value of 500,000. 10. A dividend of 0.30 cents per share will be proposed by the directors at the next AGM Required a) A Statement of Profit or Loss for year ending 31/3/2019 b) A Statement of Financial Position as at 31/3/2019 c) A Statement of Changes in Equity 31/3/2019 (10 marks) (10 marks)