GG is a manufacturing entity which produces and sells a range of products. GGs trial balance at 30 September 2020 is shown below:

	R 000	R 000
ADMINISTRATIVE EXPENSES	910
BORROWINGS @ 7% PER YEAR		3000
BUILDINGS AT COST AT 30 SEPT 2019	3400
CASH AND EQUIVALENT	130
CASH RECIEVED ON DISPOSAL OF MACHENIRY (i)	8
COST OF RAW MATERIALS PURCHASED TO 30 SEPT 2020	2 220
DIRECT PRODUCTION LABOUR COSTS	670
DISTRIBUTION COST	515
EQUITY DIVIDEND PAID	170
EQUITY SHARES R1 EACH FULLY PAID AT 30 SEPT 2020(XI)		1700
INCOME TAX ( VIII)	30
INVENTORY OF FINISHED GOODS AT 30 SEPT 2019 ( VII)	190
INVENTORY OF RAW MATERIALS AT 30 SEPT 2019 ( VII)	275
LAND AT VALUATION AT 30 SEPT 2019 (II)	9000
LOAN INTEREST PAID	210
PLANT AND EQUIPMENT AT COST AT 30 SEPT 2019 (I)	3 900
PRODUCTION OVERHEADS( EXLUDING DEPRECIATION )	710
PROVISION FOR DEFERRED TAX AT 30 SEPT 2019 (IX)		430
ACCUMULATED DEPRECIATION AT 30 SEPT 2019
BUILDINGS (III)		816
PLANT AND EQUIPMENT (IV)		2255
PATENT (V)	526
RETAINED EARNINGS AT 30 SEPT 2019		3117
REVALUATION RESERVE AT 30 SEPT 2019		1800
SALES REVENUE		9820
SHARE PREMIUM		100
TRADE PAYABLES		940
TRADE RECIEVABLES	1130
	23986	23986

Additional information: i) During the year GG disposed of obsolete machinery for R8,000. The cash received is included in the trial balance. The obsolete machinery had originally cost R35,000 and had accumulated depreciation of R32,000. ii) On 30 September 2020 GG revalued its land to R9,500,000. Page 11 of 12 iii) Buildings are depreciated at 2% per annum on the straight line basis. Buildings depreciation should be treated as an administrative expense. No buildings were fully depreciated at 30 September 2019. iv) Plant and equipment is depreciated at 25% per annum using the reducing balance method and is treated as a production overhead. v) The patent for one of GGs products was purchased on 1 October 2017. The patent had a useful life of 10 years when it was purchased and is being amortised on a straight line basis with no residual value anticipated. Amortisation of the patent is treated as cost of sales when charged to the income statement. Research is carried out on a continuous basis to develop the patented process and ensure that the product range continues to meet customer demands. The patent figure in the trial balance is made up as follows:

	R 000
ORIGANAL COST OF PATENT	420
LESS AMORTISATION TO 30 SEPT 2019	84
	336
RESEARCH COSTS INCURRED IN THE YEAR TO 30 SEPT 2020	TOTAL
	190

vi) GGs accounting policy for amortisation and depreciation is to charge a full year in the year of acquisition and none in the year of disposal. vii) Inventory of raw materials at 30 September 2020 was R242,000. Inventory of finished goods at 30 September 2020 was R180,000. viii) The directors estimate the income tax charge on the years profits at R715,000. The balance on the income tax account represents the under-provision for the previous years tax charge. ix) The deferred tax provision is to be reduced by R47,000. x) GG entered into a non-cancellable 4 year operating lease on 1 October 2019, to acquire machinery to replace the old machinery sold. Under the terms of the lease GG will pay no rent for the first year. R8,000 is payable for each of 3 years commencing on 1 October 2020. The machine is estimated to have a useful economic life of 10 years. xi) During the year GG issued 200,000 R1 equity shares at a premium of 50%. The total proceeds were received before 30 September 2020 and are reflected in the trial balance figures. Required: Prepare GGs statement of comprehensive income and a statement of changes in equity for the year to 30 September 2020 and a statement of financial position at that date, in accordance with the requirements of International Financial Reporting Standards. (All workings should be to the nearest R000). Notes to the financial statements are not required, but all workings must be clearly shown. Do not prepare a statement of accounting policies. (25)