Supreme Cement Company Limited (SCCL), a company listed on the Karachi and Lahore Stock Exchanges, is in process of finalization of its accounts for the year ended 31 December 2012. The following information is available:

Shareholders’ equity as at 31 December 2011 and 2010 consisted of:
Description                                   2011            2010
Share capital                              10340            7833
Unappropriated profit               6945            4508

The total comprehensive income for the years ended 31 December 2010, 2011 and 2012 (unaudited) was Rs. 4,240 million, Rs. 4,944 million and Rs. 5,090 million respectively.

During the year ended 31 December 2012 it was observed that machinery purchased on 01 July 2011 for Rs. 35 million, was erroneously debited to stock-in-trade instead of property, plant and equipment. SCCL depreciates machinery at the rate of 20% per annum on the reducing balance method. No adjustment has been made in respect of this material error.

Requirement: Rectify the above error as per IAS-8