Original statements Statement of financial position as at 31 March 2018 000's ASSETS Non-current assets Property, plant and equipment Land and buildings 355 Machinery 160 515 Current assets Inventories 385 Trade receivables 245 Cash at bank 250 880 Total assets 1395 EQUITY AND LIABILITIES Equity Share capital Profit for the period Retained earnings 300 23 246 568 Non-current liabilities Borrowings - 9% loan notes 300 Current Liabilities Trade payables Other payables 374 153 527 Total equity and liabilities 1395 Income statement for year ended 31 March 2018 Revenue Cost of sales Gross profit Operating expenses Operating profit Interest payable Profit before taxation Taxation Profit for the year 4022 -3408 614 -543 71 -48 23 0 23 Since the unaudited financial statements for your company were prepared, the following information has become available: 1 The company paid dividends 50 000 2 You found out that 3 000 worth of inventory is damaged and cannot be sold 3 Your are informed that a customer has gone bankrupt and will not be paying the 6 000 they owe for the products you sold them. 4 The last day you sold inventories worth 15 000 on credit this have not been included in the financial statements 5 Wages for the last week of the year, amounting to 8,000, have not been included in the financial statements and you haven't paid them yet 6 An invoice for the lawyer service you used in december hasn't arrived yet. You have called the lawyer and the invoice is going to be 4 000 7 Tax is payable at 25% of profit before taxation. Assume it is payable shortly after the year end. 8 You have paid the water invoice 1 500 for three months. (nov 2017, dec 2017 and january 2018). this have not been included in the financial statements 9 The depreciation for machinery is 16 000 Prepare revised financial statements for your company for the year ended 31 March 2018