Coursework 1 Q1. The following is a draft set of simplified financial statements for Bear Limited for the year ended 31 March 2022 and the financial year of Bear Ltd is from 1 April 2021 to 31 March 2022 On 3 April 2022, the following information is available: 1 Depreciation has not been charged on office equipment with a carrying amount of 100,000. This class of assets is depreciated at 12 per cent a year using the reducing-balance method. 2 A new machine was purchased, on credit, for 30,000 and delivered on 30 March 2022 but has not been included in the financial statements. (Ignore depreciation.) 3 A sales invoice to the value of 18,000 for March 2022 has been omitted from the financial statements. (The cost of sales figure is stated correctly.) 4 A dividend of 25,000 had been approved by the shareholders before 31 March 2022, but was unpaid at that date. This is not reflected in the financial statements. 5 The interest payable on the loan notes for the second half-year was not paid until 1 April 2022 and has not been included in the financial statements. 6 An allowance for trade receivables is to be made at the level of 2 per cent of trade receivables. 7 An invoice for electricity to the value of 2,000 for the quarter ended 30 September 2022 arrived on 3 April and has not been included in the financial statements. 8 The charge for taxation will have to be amended to take account of the above information. Make the simplifying assumption that tax is payable shortly after the end of the year, at the rate of 30 per cent of the profit before tax. Required: Q1 Prepare a revised set of financial statements for the year ended 3 April 2022 incorporating the additional information in 1 to 8 above. (Work to the nearest 1,000 and Show all your workings)