The following list of balances have been extracted from the accounting records of Nomaro Ltd: Balances as at $31$ March $20\mathrm{.}3$

DR

CR

R

R

Ordinary share capital

$870000$

$8\%$ Preference share capital

$50000$

Retained earnings $(1$ April $20\mathrm{.}2)$

$309000$

Vehicles: Cost

$650000$

Accumulated depreciation on vehicles

$280000$

Land and buildings

$1150000$

$10\%$ Debentures

$100000$

Bank

$270700$

Trade payables

$598800$

Trade receivables

$166000$

Investment at cost

$110000$

Inventory

$179600$

Sales

$1295000$

Cost of sales

$495700$

Credit losses

$2500$

SARS $($income tax$)$

$15500$

Dividends received

$6000$

Administrative expenses

$101200$

Auditors remuneration

$65100$

Salaries

$302500$

$3508800$

$3508800$

Additional information:

$1.$ Nomaro Ltd is a listed company that was registered on $1$ May $20\mathrm{.}1$ with an authorised

share capital of $500000$ ordinary shares and $1000008\%$ preference shares. All shares are NPV shares. On the date of incorporation, the company offered $100000$ ordinary shares at a consideration of R$120000$ and $50000$ preference shares at a consideration of R$50000$ to the incorporators of the company, all of which were taken up$.$ On $1$ March $20\mathrm{.}3$ a number of ordinary shares were offered to the general public at R$5$ per share and the full issue was paid up$.$

$2.$ The debentures were issued on $1$ April $20\mathrm{.}1$ and are repayable at par on $31$ March $20\mathrm{.}5.$ Interest is payable annually on $1$ April of every year. Land and buildings serve as a security for the debentures.

$3.$ Included in salaries is an amount of R$102000$ relating to directors$’$ remuneration.

$4.$ Investment consists of shares bought from Madocaro Ltd for R$110000$ on $1$ April $20\mathrm{.}2.$

On $31$ March $20\mathrm{.}3$ the fair value of the shares is R$140000.$

$5.$ The land and buildings purchased for R$250000$ on $15$ May $20\mathrm{.}1$ and, subsequently to

the purchase, buildings at a cost of R$900000$ were constructed on the land. Construction was completed on $31$ August $20\mathrm{.}1.$ No depreciation is written off on the buildings.

$6.$ During the year the land was revalued by R$134100$ by a sworn appraiser. This transaction is yet to be recorded.

$7.$ Vehicle must still be depreciated by $10\%$ per annum according to the diminishing balance method. No additions or sale of vehicles occurred during the year.

$8.$ Current tax for the year amounts to R$83500$ and must still be provided.

$9.$ On $29$ March $20\mathrm{.}3$ the directors declared a dividend of $25$ cents per ordinary share.

Required:

$•$ Prepare the statement of profit and loss and comprehensive income of Nomaro Ltd for the year ended $31$ March $20\mathrm{.}3.(25)$

$•$ Prepare statement of changes in equity of Nomaro Ltd for the year ended $31$ March $20\mathrm{.}3.(10)$

$•$ Prepare the statement of financial position of Nomaro Ltd as at $31$ March $20\mathrm{.}3(20)$