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Formatone plc produced the following trial balance as at 30 June 20X6: 000 000 Land at cost 2,160.0 Buildings at cost 1,080.0 Plant and equipment

Formatone plc produced the following trial balance as at 30 June20X6:

000

000

Land at cost

2,160.0

Buildings at cost

1,080.0

Plant and equipment at cost

1,728.0

Intangible assets

810.0

Accum. depreciation 30.6.20X5

Buildings

432.0

Plant and equipment

504.0

Interim dividend paid

108.0

Receivables and payables

585.0

532.8

Cash and bank balance

41.4

Inventory as at 30.6.20X6

586.8

Taxation

14.4

Deferred tax

37.8

Distribution cost

529.2

Administrative expenses

946.8

Retained earnings b/f

891.0

Sales revenue

9,480.6

Cost of sales

5,909.4

Ordinary shares of 50p each

2,160.0

Share premium account

432.0

14,484.6

14,484.6

The following information is available:

(i) A revaluation of the Land and Buildings on 1 July 20X5 resulted in an increase of 3,240,000 in the Land and 972,000 inthe Buildings. This has not yet been recorded in the books.

(ii) Depreciation:

Plant and Equipment are depreciated at 10% using the reducing balance method. Intangible assets are to be writtendown by 540,000.

Buildings have an estimated life of 30 years from date of the revaluation.

(iii) Taxation

The current tax is estimated at 169,200.

There had been an overprovision in the previous year. Deferred tax is to be increased by27,000.

(iv) Capital

150,000 shares were issued and recorded on 1 July 20X5 for 80p each. A further dividend of 5p pershare has been declared on 30 June 20X6.


Required:

Prepare for the year ended 30 June 20X6 the statement of comprehensive income, statement of changes in equity and statementof financial position.

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