The following draft trial balance has been produced for Bodurm plc for the year to 30 April 2020.

	000	000
Revenue		6,475
Opening inventory	1,200
Purchases	2,570
Administrative expenses	420
Distribution costs	227
Cash at bank	112
6% Bank loan repayable in 2026		1,050
Bank loan interest paid	63
Interim dividend paid	170
Land cost	2,100
Buildings cost	2,350
Plant and equipment cost	1,077
Motor vehicles cost	252
Accumulated depreciation at 1 May 2019:
Buildings		564
Plant and equipment		621
Motor vehicles		84
Retained earnings at 1 May 2019		333
Ordinary share capital		2,310
Trade receivables/payables	1,400	677
Intangible assets	400
Intangible amortisation at 1 May 2019		80
Under provision of income tax in the previous year	19
Deferred tax at 1 May 2019		133
Suspense		33
	12,360	12,360

You are given the following information:

1. Depreciation for the year has not been provided. The depreciation policy is as follows:

Plant and equipment 25% reducing balance, charged to cost of sales

Buildings 2% straight-line, charged to administrative expenses

Motor vehicles Straight line over a 6-year life, charged to distribution costs

Depreciation is charged in full in the year of purchase, but none is charged in the year of disposal

2. The directors of Bodurm plc have decided to adopt a policy of revaluing all its buildings to reflect current fair values. The fair value of the buildings is determined by an independent surveyor to be 2,625,000 as at 30 April 2020. The revaluation does not give rise to a deferred tax liability.

3. Intangible assets, representing a customer list acquired in the year to 30 April 2019, are being amortised straight-line over their remaining life of 5 years. Amortisation is to be charged to administrative expenses.

4. Corporation tax for the year to 30 April 2020 is to be provided at 220,000, and the deferred tax liability should be decreased by 28,000.

5. At 30 April 2020 Bodurm plc disposed of an item of plant for 33,000. The disposed plant had a cost of 131,000 and a carrying value of 56,000. The only entry made into the accounts were the disposal proceeds recorded in the cash at bank account with the corresponding entry into the suspense account.

6. At 30 April 2020 the company adopted a new accounting policy regarding the measurement of inventories. If the new policy had been applied last year, the companys inventory at 30 April 2019 would have been 350,000 higher than the amount originally calculated. This new policy has not been updated in the account balances above.

7. Inventory at 30 April 2020 is 1,200,000 reflecting the new valuation policy.

YOU ARE REQUIRED TO:

Prepare in a format suitable for publication for Bodurm plc:

1. A Statement of profit or loss and other comprehensive income for the year ended 30 April 2020;

(15 marks)

2. A Statement of changes in equity for the year ended 30 April 2020;

(5 marks)

3. A Statement of financial position at 30 April 2020.

(15 marks)

All calculations should be to the nearest 000

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