\fThe following notes are relevant: lil liil liiil Iliv:I {v} {viiI Revenue includes an amount of $25 million for cash sales made through Itol's retail outlets dun'ng the year on behalf of Francais. Ktol, acting as agentI is entitled to a oommission of 10% of the selling price of these goods. Ely 31 March 2914. Xtol had remitted to Francais $15 million {of the $25 million saleel and recorded this amount in cost of sales. Plant and equipment is depreciated at 12%?6. per annum on the reducing balance basis. All amortisationfdepreciation ot nonourrent assets is charged to cost of sales. [in 1 August 2513. Ktol made a fully subscribed rights issue of equity share capital based on two nev.r shares at El] cents each for every ve shares held. The market price of Xtol's shares before the issue was $1 '02 each. The issue has been fully recorded in the trial balance figures. [in 1 April 2013,1{tol issued a 5% $50 million convertible loan note at par. Interest is payable annually in arrears on 31 March each year. The loan note is redeemable at par or oonvertible into equity shares at the option of the loan note holders on 31 March 2616. The interest on an equivalent loan note without the conversion rights would be 3% per annum. The present values of $1 receivable at the end of each year. based on discount rates of 5% and 3%, are: 5% Bills End of year 1 [1-95 0-93 2 Ell-91 0-36 3 [1-85 0-?'3 An equity dividend of 4 cents per share was paid on 30 May 2513 and. after the rights issue, a further dividend of 2 cents per share was paid on 30 November 21313. The balanoe on current tax. represents the underfover provision of the tax liability for the year ended 31 March 2D13. A provision of $23 million is required for current tax for the year ended 31 March 2014 and at this date the deferred tax liability was assessed at $l3-3 million.