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Ezekiel Limited list of balances on March 3 1 , 2 0 1 7 : $ ' 0 0 0 Sales 3 , 3 7

Ezekiel Limited list of balances on March 31,2017:
$'000
Sales 3,375,000
Cost of sales 1,876,750
Other operating income 22,500
Distribution costs 300,250
Administrative costs 725,500
Other operating costs 129,000
Property, plant and equipment (net)225,000
Long term receivables 180,200
Closing stock 71,000
Trade debtors 643,750
Cash and bank 266,250
Trade creditors 15,000
Rent Accrued 55,200
10% Long Term Loan 200,000
Ordinary Share Capital ($1.00 par value)625,000
20% Cumulative Preference Share Capital 71,500
General reserves 29,000
Retained profits April 1,201687,000
Preference dividends paid 14,300
Ordinary dividends paid 48,200
Additional information:
1. Transfer $10,500,000 to General reserves.
2. On March 31,2017 Ezekiel Ltd issued 5,000,000 shares $1 nominal value for $3.60 each.
3. Four motor vehicles with a net book value of $23,200,000 was sold for $30,000,000 on
March 31,2017. The buyer made a direct transfer in full to Ezekiel Limiteds bank
account. This transaction is not yet reflected in the accounts.
4. Corporation tax is estimated at $33,900,000 for the financial year ended March 31,2017.
This information is not yet reflected in the accounts.
5. Legal fees for the financial year ended March 31,2017 amounted to $18,800,000. This
amount is unpaid and is not yet reflected in the accounts. Legal fees should be classified
under administrative costs.
6. The company received a 10% long term loan of $500,000,000 on 1 April 2013. On March
31 each year $100,000,000 is paid on the principal portion of the loan with interest due
on March 31 each year. Interest is calculated on a reducing balance method. For financial
year March 31,2017 the transactions related to the loans are not yet reflected in the
accounts
No loan payment was outstanding on March 31,2017. No interest payment was outstanding on
April 1,2016.
7. Distribution costs prepaid on March 31,2017 amounted to $2,200,000. The prepayment
is not yet reflected in the accounts.
8. The current portion of the long-term receivable amounted to $20,000,000 on March 31,
2017.
9. Weighted average number of ordinary shares for the year was 625,000.
Required:
1. Prepare the Statement of Comprehensive Income for the year ended March
31,2017.
2. Prepare the Statement of Changes in Equity for the year ended March 31,
2017
3. Prepare the Statement of Financial Position as at March 31,2017. The
format should reflect total asset

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