66 000 HOHOE PRODUCTS LIMITED The following trial balance has been extracted from the books of Honce Products Limited, at 31 March 2005. GH GHO 000 Administrative expenses 210 Share capital (ordinary shares of GH1 fully paid) 800 Trade receivables 470 Bank overdraft 80 Income tax (overprovision in 20X4) 25 Retirement benefit ability 180 Distribution costs 420 Non-current asset investments 580 Investment income 75 Plant and equipment At cost 750 220 Accumulated depreciation (at 31 March 20X5) Accumulated profit (at 1 April 20X4) Purchases 960 Inventories (at 1 April 20X4) 140 Trade payables 260 Revenue 1,950 Interim dividend paid 120 3,630 3,630 240 Additional information (1) Inventories at 31 March 20X5 were valued at GH$150,000 (2) The following items are already included in the balances listed in the above trial balance Depreciation (for year to 31 March 20X5) Hire of plant and machinery Auditors' remuneration Distribution Administrative costs expenses GH000 GH6000 27 5 20 15 30 (4) The income tax expense based on the profit on ordinary activities is estimated to be GH54,000 The retirement benefit liability is to be increased by GH16,000. The increase should be charged to administrative expenses. No retirement benefits are expected to be paid for the foreseeable future. Required Prepare the company's statement of comprehensive income for the year to 31 March 20x5 and a statement of financial position at that date in accordance with IAS 1 Presentation of Financial Statements. (20 marks)