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Tapetse Isol The trial balance of Autopack pic at the year end. CREDIT C'000 emend 1,500 Question 1 (25 marks) 30 min a balance below

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Tapetse Isol The trial balance of Autopack pic at the year end. CREDIT C'000 emend 1,500 Question 1 (25 marks) 30 min a balance below was extracted from the accounts system of Autopack pic at the Trial Balance 31/3/2019 DEBIT '000 Administration expenses 4,225 A Bank overdraft Cash and cash equivalents Corporation tax Debenture redemption reserve L Distribution expenses 3,680 A Dividend 565 A Inventory 700 Debenture Debenture interest A Plant & Equipment -cost Plant & Equipment - accumulated depreciation L Profit reserve A Property 8,635 Provision for bad debts Z Purchases 9,620 Revaluation reserve A Revenue Share capital (ordinary shares 1,000,000 @ 65 per share) Share premium Trade and other payables Trade and other receivables 1,600 35,000 80 5,850 2,250 890 75 540 19,500 5,000 4,025 800 35,000 Additional Information: 1. A stock count valued closing inventory at 720,000. 2. Administration expenses prepaid at the end of year amounted to 225,000 3. Distribution expenses outstanding at the end of year amounted to 145,000. 4. Depreciation of plant and Equipment should be provided for at 20% per annum reducing balance. 5. The provision for bad debts should be maintained at 5% of trade receivables. 6. Interest of 6% p.a. has been agreed in relation to the debenture loan. 7. Additional corporation tax of 65,000 must be provided for. 8. A transfer of C120,000 to the debenture redemption reserve should be made. 9. An independent valuation certified that property showed an increase in value of 500,000 10. A dividend of 0.30 cents per share will be proposed by the directors at the next AGM. Required a) A Statement of Profit or Loss for year ending 31/3/2019 b) A Statement of Financial Position as at 31/3/2019 c) A Statement of Changes in Equity 31/3/2019 (10 marks) (10 marks)

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