It is late May 2019 and the Board of Directors require an updated draft to finalise to meet the deadline to the Stock Exchange. The following information is relevant: 1. il. The non-current assets have not been depreciated for the year ended 31 March 2019 Juniper Ltd has a policy of revaluing its land and buildings at the end of each accounting year. The values in the above statement of financial position are as at 1 April 2018 when the buildings had a remaining life of 15 years. A qualified consultant has valued the land and buildings as at 31 March 2019 at $180 million Plant is depreciated at 20% on the reducing balance basis In early April 2019, the Chief Financial Officer discovered a material fraud perpetrated by the company's financial controller that had been occurring for some time. Investigations presented at a meeting earlier in the week revealed that a total of $4 million of the trade receivables as shown in the statement of financial position at 31 March 2019 had in fact been paid by the debtor and the funds stolen by the financial controller. The analysis further revealed that $1.5 million had been stolen in the year 31 March 2018 The company is not insured for this loss and it cannot be recovered from the financial controller in Dividends totaling $15.5 million were paid and accounted for during the year IV The figures do not include the estimated provision for income tax on the profit for the year ended 31 March 2019 Tax consultants have estimated the provision at $11.4 million It is company policy for professional fees related to the financial statements are paid after submission to the stock Exchange. The external auditors and tax consultants have presented their fees related to preparation of the financial statements at $2.5 million. This is $500,000 more than what was estimated in previous drafts of the financial statements Long term receivables 12,500 378,000 Current Assets Inventories 84,000 Trade Receivables 52,200 Cash and cash equivalents 3,800 140,000 Total assets 518,000 EQUITY AND LIABILITIES Section A Below is the summarized draft statement of financial position of Juniper Ltd, a publicly listed company, as at 31 March 2019. $'000 S'000 ASSETS Non-current assets Property at valuation Land 20,000 Buildings 165.000 185,000 Plant (NBV) 180,500 Long term receivables 12 500 Current Assets 378,000 Equity Ordinary Shares of $1 each 250,000 Share premium 40,000 Revaluation surplus 18,000 Retained earnings: at 1 April 2018 12,300 for the year ended 31 March 2019 96,700 109,000 417,000 Non Current Liabilities Loan 19,200 Current Liabilities 81,800 Total equity and abilities $18,000 It is late May 2019 and the Board of Directors require an updated draft to finalise to meet the deadline to the Stock Exchange. The following information is relevant: 1. il. The non-current assets have not been depreciated for the year ended 31 March 2019 Juniper Ltd has a policy of revaluing its land and buildings at the end of each accounting year. The values in the above statement of financial position are as at 1 April 2018 when the buildings had a remaining life of 15 years. A qualified consultant has valued the land and buildings as at 31 March 2019 at $180 million Plant is depreciated at 20% on the reducing balance basis In early April 2019, the Chief Financial Officer discovered a material fraud perpetrated by the company's financial controller that had been occurring for some time. Investigations presented at a meeting earlier in the week revealed that a total of $4 million of the trade receivables as shown in the statement of financial position at 31 March 2019 had in fact been paid by the debtor and the funds stolen by the financial controller. The analysis further revealed that $1.5 million had been stolen in the year 31 March 2018 The company is not insured for this loss and it cannot be recovered from the financial controller in Dividends totaling $15.5 million were paid and accounted for during the year IV The figures do not include the estimated provision for income tax on the profit for the year ended 31 March 2019 Tax consultants have estimated the provision at $11.4 million It is company policy for professional fees related to the financial statements are paid after submission to the stock Exchange. The external auditors and tax consultants have presented their fees related to preparation of the financial statements at $2.5 million. This is $500,000 more than what was estimated in previous drafts of the financial statements Long term receivables 12,500 378,000 Current Assets Inventories 84,000 Trade Receivables 52,200 Cash and cash equivalents 3,800 140,000 Total assets 518,000 EQUITY AND LIABILITIES Section A Below is the summarized draft statement of financial position of Juniper Ltd, a publicly listed company, as at 31 March 2019. $'000 S'000 ASSETS Non-current assets Property at valuation Land 20,000 Buildings 165.000 185,000 Plant (NBV) 180,500 Long term receivables 12 500 Current Assets 378,000 Equity Ordinary Shares of $1 each 250,000 Share premium 40,000 Revaluation surplus 18,000 Retained earnings: at 1 April 2018 12,300 for the year ended 31 March 2019 96,700 109,000 417,000 Non Current Liabilities Loan 19,200 Current Liabilities 81,800 Total equity and abilities $18,000