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4.7 Presented below is a draft set of financial statements for Chips Limited. Income statement for the year ended 30 June 2018 000 Revenue 1,850 Cost of sales (1,040) Gross profit 810 Depreciation (220) Other operating costs (375) Operating profit 215 Interest payable (35) Profit before taxation 180 Taxation (60) Profit for the year 120 Statement of financial position as at 30 June 2018 Cost 000 Depreciation 000 000 ASSETS Non-current assets Property, plant and equipment Buildings Plant and equipment Motor vehicles 800 650 102 1,552 (112) (367) (53) (532) 688 283 49 1,020 Current assets Inventories Trade receivables Cash at bank 950 420 16 1,386 2,406 Total assets EQUITY AND LIABILITIES Equity Ordinary shares of 1, fully paid Reserves at beginning of the year Profit for the year 800 248 120 1,168 700 Non-current liabilities Borrowings (secured 10% loan notes) Current liabilities Trade payables Other payables Taxation 361 117 60 538 2,406 Total equity and liabilities EXERCISES 157 The following additional information is available: 1 Purchase invoices for goods received on 29 June 2018 amounting to 23,000 have not been included. This means that the cost of sales figure in the income statement has been understated. 2 A motor vehicle costing 8,000 with depreciation amounting to 5,000 was sold on 30 June 2018 for 2,000, paid by cheque. This transaction has not been included in the company's records. 3 No depreciation on motor vehicles has been charged. The annual rate is 20 per cent of cost at the year end. 4 A sale on credit for 16,000 made on 1 July 2018 has been included in the financial statements in error. The cost of sales figure is not affected. 5 A half-yearly payment of interest on the secured loan due on 30 June 2018 has not been paid. 6 The tax charge should be 30 per cent of the reported profit before taxation. Assume that it is payable, in full, shortly after the year end. Required: Prepare a revised set of financial statements incorporating the additional information in 1 to 6 above. (Work to the nearest 1,000.) 4.8 Rose Limited is a wholesaler and retailer of high-quality teas and coffees. Approximately half of sales are on credit. Abbreviated and unaudited financial statements are as follows