BARRY LIMITED Assume that you are working as a Senior Accountant in Barry Limited, your Assistants prepared draft financial statements for the year ended 30 June 2018 as follows: Profit or Loss for the year ended 30 June 2018 Sales Revenue 30,000 Raw materials consumed (9,500) Manufacturing overheads (5,000) Increase in inventories of work in progress and finished goods 1,400 Staff costs (4,700) Distribution costs (900) Depreciation (4,250) Interest expense (350) 6,700 Balance Sheet as at 30 June 2018 Assets Non - Current Freehold land and buildings 20,000 Plant and machinery 14,000 Fixtures and fittings 5,600 39,600 Current Assets Prepayments 200 Trade receivables 7,400 Cash at bank 700 Inventories 4,600 12,900 Total Assets 52,500 Equity and Liabilities Equity share of 1 each 21,000 Accumulated profit 14,000 Share premium 2,000 Total equity 37,000 Revaluation Surplus 5,000 Current liabilities 5,300 Non-current liabilities: 8% Debentures 2019 5200 Total equity and liabilities 52,500 You have also obtained the following additonal information relating to the preparation of financial statements for the year ended 30 June 2018 1) Income tax of 21,000 has yet to be provided for on profits for the current year. An unpaid under-provision for the previous year's liability of 400 has been identofied on 5th July 2018 and has not been reflected in the draft accounts. 2) There have been no additions to, or disposals of no- current assets in the current year but the assets under construction have been completed in the current year at an additional cost of 500. These related to plant and machinery. 3) The cost and accumulated depreciation of non-current assets as at 1 July 2017 were as follows: "Cost " "Depreciation " Freehold land and buildings 19,000 3,000 (land element 10,000 for 2018) Plant and machinery 20,100 4,000 Fixtures and fittings 10,000 3,700 Assets under construction 400 - 3) There was a revaluation of land and buildings during the year, creating the revaluation surplus of 5,000 (land element 1,000). The effect of depreciation has been to increase the buildings charge by 300. Barry Limited adopts a policy of transferring the revaluation surplus included in equity to retained earnings as it is relaised. 4) Staff costs comprise 70% factory staff, 20% general office staff and 10% goods delivery staff. 5) An analysis of depreciation charge shows the following: Buildings (50% production, 50% administration) 1,000 Plant and machinery 2,550 Fixtures and fittings (30% production, 70% administration) 700 Required: You are required to prepare the following information in a form of suitable publication for Barry limited's Financial Statements for the year ended 30 June 2018. a) Statement of profit or Loss b) Balance Sheet c) Reconciliation of Opening and Closing property, plant and equipment.