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can you help me solve this The following trial balance has been prepared from the books of Brighton plc as at 31 December 2020 '000
can you help me solve this The following trial balance has been prepared from the books of Brighton plc as at 31 December 2020 '000 E'000 Revenue 74,948 Purchases 35,020 4,439 Inventories at 1 January 2020 Distribution costs 4,598 Administration expenses 2.602 Land at valuation 22,850 25,200 37,670 Buildings at cost Plant and equipment at cost Accumulated depreciation at 1 January 2020 Buildings 3,024 Plant and equipment 7.157 Trade receivables 18,900 Trade payables 6,120 Cash at bank 7.800 22.000 12.600 Ordinary shares of 1.00 each As at 1 January 2020 Issued during the year Share premium account As at 1 January 2020 Ansing on shares issued during the year Revaluation reserve as at 1 January 2920 Retained earnings as at 1 January 2020 5.400 2. 160 6.900 15 300 10% debentures redeemable 2024 12,000 Dividends paid 8,530 167,609 167,609 The following information remains to be adjusted for in preparing the financial statements for the year ended 31 December 2020: 1. Inventories at 31 December 2020 amount to 6,525,000 at cost Returns with total cost of 25,000 and retail value of 40,000 were not accounted for at 31 December 2020. All goods were initially sold on account and are now in re-sellable condition 2. Depreciation is to be provided On buildings at 1% per year on a straight line basis On plant and equipment at 10% per year on a reducing balance basis 60% of the depreciation is to be charged to the cost of sales, 20% to distribution costs and 20% to administrative expenses 3. The land is to be revalued at 30,500,000 as at 31 December 2020 4. Administrative expenses contain 165,000 of prepaid expenses 5. Distribution costs to be accrued 306.000. 6. The debentures were issued on 1 October 2020 with interest payable on 1 January and 1 July each year 7. Estimated Corporation Tax or 854.000 for the year is yet to be paid. REQUIRED Using the recommended formats in Ast prepare the following financial statements for Brighton pic (A) Income statement for the year ended 31 December 2020 (15 marks) (B) Statement of Changes in Equity for the year ended 31 December 2020 (6 marks) (19 marks) (C) Statement of Financial Position as at 31 December 2020
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