and Analysis EFIMM0030 Tamer Elshandidy EFIM Financial Reporting and Analysis Q2 Hope Ltd Hope Limited is in the process of preparing its 2008 accounts. The S Limited is in the process of preparing its 2008 accounts. The Statement of Einancal Position at 31 March 2007, the end of the previous financial year, was as ASSETS 245,400 Non-current assets Inventories Cash in hand TOTAL ASSETS Current assets 40,000 15,870 Trade receivables 56,530 301.930 EQUITY AND LIABILITIES Equity 100,000 239,194 30,000 Share capital Reserves Non-current liabilities Long-term loan Current liabaities 23,760 Trade payables Bank overdraft 301930 TOTAL EQUITY AND LIABILITIES The Statement of Financial Position for 31 March 2008 has yet to be prepared. You are given the following balances as at 31 March 2008 Non-current assets (cost) Accumulated depreciation Trade receivables Provision for doubtful debts Cash in hand Trade payables Bank balance Long term loan Share capital Shate peemiunm Retained Earnings 500,000 267,000 30,000 30,566 3,960 750 15,560 40,652 30,000 125,000 25,000 135,448 Non-current assets costing 109,00, with accumulated depreciation of [66,600, were sold during the year for 140,000. The depreciation policy is 25% straight line, with no charge being made in the year of sale, but a full charge made in the year of purchase. None of the assets is fully depreciated