Question 1 Consider the following data being taken out of the trial balance of GPA Ltd, as at 31 March 2017: Ordinary shares of each Preference shares of Si cach 8% debentures General reserve Retained profits Motor vehicles al cost Machinery at cost Accumulated depreciation - vehicles Accumulated depreciation - machinery Stock at 31 March 2016 Debtors Creditors Cash at bank Purchases Sales Wages & salaries General expenses Directors remuneration Rent and rates Debenture interest Interim dividend paid - Ordinary shares Interim dividend paid -10% Preference shares Insurance Total D C $20,000 10,000 $4.000 89,700 145,623 175.000 196.000 109 SOO 127.800 94.403 225.640 91.661 566.662 630,260 73,740 84,608 100.807 240 9,400 500 25.720 NOK 541 544 The following additional information relating to GPA Ltd. is also available: 1. Stock at 31 March 2017 was valued at $39,200. 2. Machinery costing S43,600, which $28,280 depreciation had been provided, was sold for $21,560 during the year. This transaction has not been recorded because the proceeds of sale has not yet received at year end. 3. There was no purchase of fixed assets during the year. Depreciation on motor vehicles and machinery are provided on straight-line basis on cost at the rate of 10% p.a. and 5% p.a. respectively. 4. Accrued Rates amount of $5,680 and prepaid insurance $9,800 were in the year. 5. The estimated tax expenses for the year amounting to $6,540. 6. The directors have decided to increase the general reserve up to $90,000 in total REQUIRED: Prepare a Statement of profit or loss and other comprehensive income for the year ended 31 March 2017, a Statement of changes in equity and a Statement of financial position as at that date