Page 1 The following is the trial balance for Glorious plc as at 31 December 2020: 5% Bonds (2030/35) Administrative Costs Bond Interest Paid Buildings as at 1 January 2020 (Cost/Revalued amount 45m) Cash & Bank Balance Corporation Tax Cost of Sales Fixtures & Fittings as at 1 January 2020 (Cost 950,000) Freehold Land Intangible Assets Inventory Lease Rental Paid Retained Earnings as at 1 January 2020 Revaluation Reserve as at 1 January 2020 Sales Sales Commission Selling Expenses (inc. bad and doubtful debts) Share Capital as at 1 January 2020 Share Premium as at 1 January 2020 Trade & Other Receivables Trade & Other Payables Warehousing & Distribution Costs '000 000 1,500.0 1,350.0 75.0 38,500.0 73.0 12.0 2,030.0 380.0 13,000.0 150.0 560.0 75.0 977.0 2,300.0 7.930.0 102.0 23.0 15,000.0 29,250.0 434.0 265.0 458.0 57,222.0 57,222.0 The following information relates to matters not yet fully dealt with when the above trial balance was extracted: 0 Land and Buildings Land and buildings are reflected at fair value. At the start of the year, the buildings were subject to a valuation review and an expert team were hired to conduct the review. The review found that most of the fair values remained fairly constant with the exception of one property that had been acquired two years earlier, and for which this was the first revaluation since its acquisition Prior to the review, the building was valued in the books at 7.6 million, having been depreciated by 400,000, and the land on which it was situated was valued at 3 million. The reviewing team noted that the value of the land on which the building stood was worth 4.5 million, and the actual building was worth 5 milion. These revaluations have not yet been included in the accounts ecked manually for al Page 1 The following is the trial balance for Glorious plc as at 31 December 2020: 5% Bonds (2030/35) Administrative Costs Bond Interest Paid Buildings as at 1 January 2020 (Cost/Revalued amount 45m) Cash & Bank Balance Corporation Tax Cost of Sales Fixtures & Fittings as at 1 January 2020 (Cost 950,000) Freehold Land Intangible Assets Inventory Lease Rental Paid Retained Earnings as at 1 January 2020 Revaluation Reserve as at 1 January 2020 Sales Sales Commission Selling Expenses (inc. bad and doubtful debts) Share Capital as at 1 January 2020 Share Premium as at 1 January 2020 Trade & Other Receivables Trade & Other Payables Warehousing & Distribution Costs '000 000 1,500.0 1,350.0 75.0 38,500.0 73.0 12.0 2,030.0 380.0 13,000.0 150.0 560.0 75.0 977.0 2,300.0 7.930.0 102.0 23.0 15,000.0 29,250.0 434.0 265.0 458.0 57,222.0 57,222.0 The following information relates to matters not yet fully dealt with when the above trial balance was extracted: 0 Land and Buildings Land and buildings are reflected at fair value. At the start of the year, the buildings were subject to a valuation review and an expert team were hired to conduct the review. The review found that most of the fair values remained fairly constant with the exception of one property that had been acquired two years earlier, and for which this was the first revaluation since its acquisition Prior to the review, the building was valued in the books at 7.6 million, having been depreciated by 400,000, and the land on which it was situated was valued at 3 million. The reviewing team noted that the value of the land on which the building stood was worth 4.5 million, and the actual building was worth 5 milion. These revaluations have not yet been included in the accounts ecked manually for al