The following additional information relating to FW Ltd. is also available:

1. Stock at 31 March 2019 was valued at $60,200.

2. Furniture costing $43,600, which $28,280 depreciation had been provided, was sold for $11,560 during the year. This transaction has not been recorded because the proceeds of sale has not yet received at year end.

3. There was no purchase of fixed assets during the year. Depreciation on equipment and furniture are provided on straight-line basis on cost at the rate of 10% p.a. and 5% p.a. respectively.

4. Accrued distribution costs amount of $5,680 and prepaid other expenses $9,800 were in the year.

5. The estimated tax expenses for the year amounting to $13,460.

6. The directors have decided to increase the general reserve up to $120,000 in total.

REQUIRED:

Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019, a Statement of Changes in Equity and a Statement of Financial Position as at that date. (Show all workings and calculation clearly)

Consider the following data being taken out of the Trial Balance of FW Ltd. as at 31 March 2019: Dr Cr Ordinary shares of $5 each 530,000 8% debentures 90.000 General reserve 100,000 Retained profits 135,323 Equipment at cost 175.000 Furniture at cost 196,000 Accumulated depreciation - Equipment 89,500 Accumulated depreciation - Furniture 147,800 Stock at 31 March 2018 93.683 Accounts Receivable 220,640 Accounts Payable 91.661 Cash at bank 566,662 Purchases 128,820 Sales 530.260 Administrative expenses 73,740 General expenses 85.608 Directors' remuneration 30,364 Distribution costs 100.8071 Debenture interest 3.600 Interim dividend paid - Ordinary shares 13,900 Other expenses 25,720 Total 1,714,544 1,714,544 Consider the following data being taken out of the Trial Balance of FW Ltd. as at 31 March 2019: Dr Cr Ordinary shares of $5 each 530,000 8% debentures 90.000 General reserve 100,000 Retained profits 135,323 Equipment at cost 175.000 Furniture at cost 196,000 Accumulated depreciation - Equipment 89,500 Accumulated depreciation - Furniture 147,800 Stock at 31 March 2018 93.683 Accounts Receivable 220,640 Accounts Payable 91.661 Cash at bank 566,662 Purchases 128,820 Sales 530.260 Administrative expenses 73,740 General expenses 85.608 Directors' remuneration 30,364 Distribution costs 100.8071 Debenture interest 3.600 Interim dividend paid - Ordinary shares 13,900 Other expenses 25,720 Total 1,714,544 1,714,544