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.

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Week 12 Unit 10 Additional Question Question 1 Consider the following data being taken out of the trial balance of GPA Ltd. as at 31 March 2017: Dr Cr Ordinary shares of $5 cach 520,000 Preference shares of $1 cach 10,000 8% debentures 84.000 General reserve 89,700 Retained profits 145,623 Motor vehicles at cost 175,000 Machinery at cost 196,000 Accumulated depreciation - vehicles 109,500 Accumulated depreciation - machinery 127,800 Stock at 31 March 2016 94,403 Debtors 225,640 Creditors 91,661 Cash at bank 566,662 Purchases 222,820 Sales 630,260 Wages & salaries 73,740 General expenses 84,608 Directors' remuneration 30,364 Rent and rates 100,807 Debenture interest 2,880 Interim dividend paid - Ordinary shares 9,400 Interim dividend paid - 10% Preference shares 500 Insurance 25,720 Total 1,808,544 1,808,5441 The following additional information relating to GPA Ltd. is also available: 1. Stock at 31 March 2017 was valued at $59,200. 2. Machinery costing $43,600, 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