The following information is also available:

1.The company's non-depreciable land was valued at $300,000 on 31 March 2019 and this valuation is to be incorporated into the accounts for the year to 31 March 2019.

2.The company's depreciation policy is as follows:

Buildings4% p.a. straight line

Equipment40% p.a. reducing balance

Vehicles25% p.a. straight line

In all cases, a full year's depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal. None of the assets had been fully depreciated by 31 March 2018.

On 1 February 2019, a vehicle used entirely for administrative purposes was sold for $10,000. The sale proceeds were banked and credited to a disposal account but no other entries were made in relation to this disposal. The vehicle had cost $44,000 in August 2015. This was the only disposal of a non-current asset made during the year to 3l March 2019.

3.Depreciation is apportioned as follows:

DistributionAdministrative expenses

Building50%50%

Equipment25 %75 %

Vehicles70 %30%

4.The company's inventory at 31 March 2019 is valued at $119,000.

5.Trade receivables include a debt of $8,000 which is to be written off. The allowance for receivables is to be adjusted to 4% of the receivables which remain after this debt has been written off. (administrative expenses)

6.Corporation tax for the year to 31 March 2019 is estimated to be $ 24000.

7.One-quarter of wages and salaries were paid to distribution staff and the remaining three-quarters were paid to administrative staff.

8.General administrative expenses include bank overdraft interest of $9,000.

9.A dividend of l0 cents per ordinary share was paid on 31 December 2018. No further dividends are proposed for the year to 31 March 2019.