The draft balance sheet shown below has been prepared for Showers of Blessings, a limited liability company, as at 31 December 2014: Assets GHS 000 Non-current assets 20,000 Current assets Inventories 3,000 Receivables 2,600 Cash at bank 1,900 7,500 Total assets 27,500 Equity and liabilities Capital and reserves Issued share capital (ordinary shares of 50p each) 6,000 Retained earnings 12,400 Non-current liabilities Loan notes (redeemable 2020) 2,000 Current liabilities Trade payables 2,100 22,500 Suspense account 5,000 27,500 The following further information is available: I. It has been decided to revalue the land and buildings to GHS12,000,000 at 31 December 2014. II. Trade receivables totalling GHS 200,000 are to be written off. III. During the year there was a contra settlement of GHS 106,000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. No entry has yet been made to record the set-off. IV. Some inventory items included in the draft balance sheet at cost GHS 500,000 were sold after the balance sheet date for GHS 400,000, with selling expenses of GHS 40,000. V. The suspense account is made up of two items: a) The proceeds of issue of 4,000,000 50p shares at GHS 110 per share, credited to the suspense account from the cash book. b) The balance of the account is the proceeds of sale of some plant on 1 January 2014 with a net book value at the date of sale of GHS 700,000 and which had originally cost GHS 1,400,000. No other accounting entries have yet been made for the disposal apart from the cash book entry for the receipt of the proceeds. Depreciation on plant has been charged at 25% (straight line basis) in preparing the draft balance sheet without allowing for the sale. The depreciation for the year relating to the plant sold should be adjusted for in full. VI. Non-current Asset Schedule as at 31st December, 2014: Cost Accumulated Net book depreciation value GHS 000 GHS 000 GHS 000 Non-current assets Land and buildings 9,000 1,000 8,000 Plant and equipment 21,000 9,000 12,000 30,000 10,000 20,000 Required: a) Prepare the companys balance sheet as at 31 December 2014, complying as far as possible with IAS1 Presentation of financial statements. Details of non-current assets, adjusted appropriately, should appear as they are presented in note VI in the question