plsas

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QUESTION. The following trial balance relates to Troodos Ltd at 31 March 2020 $ $ Inventory 1/4/19 94,000 Purchases 200,000 Payables 10,000 Distribution costs 70,000 Administration expenses 38,000 Receivables(note vi) 57,600 Land at cost (note ii) 50,000 Buildings at cost (note ii) 82,000 Plant and equipment (note ii) 78,000 Accumulated depreciation as of 1/4/2019 -For Buildings 24,600 - For Plant and equipment 17,800 6% loan (issued on 1 October 2019) 90,000 Sales revenue (note vi) 496,600 Ordinary shares $1each 1/4/19 (note iv) 81,600 Interest paid on loan 2,700 Bank 143,700 Retained profits 1/4/19 95,400 816,000 816,000 Additional notes (1) The cost of inventory at 31/3/20 is valued at $80,000 Included in this amount is an inventory line of $10,000 that is hard to sell. The best price Troodos Lid can get from its sale is $4,500 (11) On 31/3/20, Land was revalued to $70,000 The Building was purchased 15 years ago. It had a useful economic life of 50 years when purchased and is being depreciated on a straight-line basis Plant & equipment is depreciated on a reducing balance basis at 20% per annum It is the policy of the company to charge all depreciation to cost of sales (iii) The estimated tax liability on the taxable profits for the current year is $2,000. (iv) On 23 March 2020, a right issue of 1 for 20 was made at $1.20 each which was fully taken up by the shareholders. No entries have yet been recorded in the accounts. (v) On 31/3/20, an accrued administration expense for $1,000 and a prepaid distribution cost of $2,300 need to be provided for. (vi) On 30/3/20, a return of inventory for $600 was by error debited to receivables and credited to sales. Required: As per IAS1 presentation of financial statements, 1. Prepare a statement of profit and loss and other comprehensive income for the year ended 31 March 2020 2. Prepare a statement of changes in equity for the year ended 31 March 2020 3. Prepare a statement of financial position as at 31 March 2020, END OF PAPER