The company's list of balances as at 31^st March 20X7 is as follows

:

Additional information:

1. On 30^th March 20X7 Griddle Ltd has a 1 for 5 rights issue at a price of 1.50. This transaction has not yet been accounted for.

2. The estimated corporation tax liability for the year to 31^st March 20X7 is 111,530.

3. Inventories at close of business on 31^st March 20X7 cost 265,400. Included in the inventory is 15,000 of stock that is obsolete and will be given away to charity.

4. On 1^st April 20X6 Griddle took out a 4 year loan of 180,000. The bank charged issue costs of 4,000 and an interest rate of 5.3%. The loan will be repaid in arrears by annual instalments of 50,000. No entries have been made with respect to this loan. (For this question, treat the whole liability as non-current).

5. On 1^st April 20X6, Griddle disposed of an asset for 5,000. The asset had originally cost 10,000 and had accumulated depreciation of 4,000 at disposal. This disposal has not yet been accounted for. Assume all PPE is used in production.

6. The company charges depreciation on PPE using 15% reducing balance.

7. On 1^st April 20X6 Griddle sold some goods to a customer for 10,500 with one years interest free credit. The interest rate appropriate to the customers risk profile is 5%. Griddle has not yet accounted for this transaction.

   Requirement

8. Produce a statement of profit or loss for the year ended 31^st March 20X7.
9. Prepare a statement of financial position as at 31^st March 20X7.
10. Prepare a statement of changes in equity for the year ended 31^st March 20X7.

Trial Balance as at 31st March 20X7 200,000 75,000 2,190,000 675,000 172,500 106,350 3,300 Share capital (1) Share premium account PPE cost PPE accumulated depreciation at 1st April 20X6 Inventory at 1st April 20X6 Trade receivables Bank Trade payables Revenue Purchases Administrative expenses Distribution Factory rent Cybersecurity training Dividend 76,600 2,404,500 1,138,000 286,351 120,800 130,000 2,350 15,000