Dr Cr

000 000

Land and buildings 1,200

Plant and machineary 1,500

Stock of finished goods & raw materials at 1^st Jan 2017 750

Receivables 550

Cash 380

Payables 820

Bank loan (@ 8% interest) 800

Sales 5300

Purchase 3700

Work expense 300

Administration expenses 300

Distribution expenses 280

Interest 32

Share capital 1500

Retained profit 552

The following items need to be adjusted for;

1. Depreciation of 360,000 on plant and machinery has not yet been accounted for.
2. An invoice for gas supplies has been received in mid-January but has not yet been paid or accounted for. The invoice is for a total amount of 60,000 and covers the three month period 16/10/2017 to 15/1/2018.
3. A stock-take at 31/12/2017 has calculated that stock of raw materials and finished goods amounted to 640,000 in total.
4. Debts of 35,000 are considered to be bad and not collectable.
5. Interest on the long-term loan has not been paid or provided in the accounts for the second half of the year.

For financial statement purposes, the land and buildings were re-valued at 1,450,000 at 31/12/20

Question:Prepare a draft Balance Sheet on 31^st December 2017.