Statement of financial position as at 31 March 2018 000's ASSETS Non-current assets Property, plant and equipment (at cost less depreciation) Land and buildings 427 Fixtures and fittings 160 587 Current assets Inventories 406 Trade receivables 275 Cash at bank 0 681 Total assets 1268 EQUITY AND LIABILITIES Equity Share capital Retained earnings 300 234 534 Non-current liabilities Borrowings - 9% loan notes 300 Current Liabilities Trade payables Taxation Other payables 354 4 76 434 Total equity and liabilities 1268 Income statement for year ended 31 March 2018 Revenue Cost of sales Gross profit Operating expenses Operating profit Interest payable Profit before taxation Taxation Profit for the year 2681 -2272 409 -362 47 -32 15 -4 11 Since the unaudited financial statements for your company were prepared, the following information has become available: 1 An additional 15,000 of depreciation should have been charged on one of your buildings. 2 A summer intern drove a forklift into a stack of inventory. It had been purchased for 2000 and is now unsaleable. 3 Your are informed that a customer has gone bankrupt and will not be paying the 3,000 they owe for the products you sold them. 4 Invoices for credit sales on 31 March 2018 amounting to 100,000 were found under your keyboard and have not been included in the financial statements. Cost of sales is not affected. 5 Wages for the last week of the year, amounting to 8,000, have not been included in the financial statements. 6 An invoice for electricity used in the last month has not yet arrived, but you estimate that you have used 5,000 worth. 7 Tax is payable at 25% of profit before taxation. Assume it is payable shortly after the year end. Prepare revised financial statements for your company for the year ended 31 March 2018