The following balances were extracted from the books of accounts of Bagman Plc as at the end of the financial year. Trial Balance as at 31 March 2018 DR CR K MILLION K MILLION Revenue 15000 Purchases 6081 Inventory-1/04/2017 495 Trade Payables 504 Trade Receivables 2451 Ordinary share capital( K 600 shares) 18000 15% Cumulative preference Shares (K 800 shares) 3000 Investment Property 19725 Land and Buildings-Cost 7200 Accumulated Depreciation 1/04/2017 2160 Fixtures and Fitting-cost 2700 Accumulated Depreciation 1/04/2017 1320 20% Loan notes( Redeemable 2022) 600 Retained earnings -31/03/2021 633 Differed tax provision 1200 Shared premium 30 General Administration expense 20 Delivery expenses 160 Office expenses 210 Sundry expenses 45 Directors Remuneration 15 Salaries and Wages 3600 20% Loan note paid 72 Cash and Cash equivalents 30 Short term investment 3 Income tax 60 Income from investment property 300 Dividend Received 1500 Interim dividend paid Preference 200 Ordinary 1300 44307 44307 ADDITIONAL INFORMATION 1. Inventory at the end of the financial year was valued at k 500million cost 2. Accrued expenses at 31 March 2018 were Office expenses-K15mllion Salaries and wages- K40million 3. K12million and K5million were prepaid for delivery expense and general Administration expenses as at 31 March 2018. 4. Land and Building were revalued at K750million on 1/04/2017. The director decided to incorporate this valuation into account. 5. The balance of income tax account represents the remaining amount after the settlement of the tax liability for the financial year ended 31 March 2017. 6. Deferred tax amount is to adjusted to K35million, due to timing differences that occurred for the year ended 31 March 2018 7. The income tax income tax charge for the year was estimated at K810 million 8. Depreciation is to be provided as follows; Land and Building-4% of cost or valuation Fixture and Fittings -20% on reducing balance basis 9. Certain expenses are to be apportioned as follows Expense item Cost of sales Distribution Administration Salaries and Wages 25% 30% 45% Deprecation Land and Buildings 35% 20% 45% Deprecation- Fixtures and Fittings 20% 30% 50% 10. The directors proposed a final dividend on preference share and a final ordinary dividend of K2 per share. Required Prepare Bagman Plc a) Statement of profit or Loss for the year ended 31 March 2018 b) Statement of Changes in Equity for the year ended 31 March 2018 c) Statement of Financial position as at 31 March 2018. In accordance with requirements of IFRS (for Publication as per IAS1).