The trial balance of Caput Plc, as at 31 December, 2020 is provided below:

	GH000	GH000
Revenue		320,700
Cost of sales	215,700
Closing inventories (31/12/2020) (Note i)	15,750
Operating expenses	33,600
Income from Investment Property		1,800
Finance costs	6,300
Land and building at valuation (Note iii)	94,500
Plant and equipment at cost (Note iii)	54,000
Investment property (Note iii)	24,000
Accumulated depreciation on plant and equipment (01/01/2020)		25,200
Trade receivables	20,250
Bank	11,850
Trade payables		17,700
Ordinary shares @ GH0.25		30,000
10% Redeemable preference shares @ GH1.00		15,000
Deferred Tax (Note iv)		7,800
Revaluation surplus		31,500
Retained earnings (01/12/2020)		26,250
	475,950	475,950

The following information is provided:

i) An inventory count at 31 December 2020 amounted to GH15,750,000. This includes

damaged goods with a cost of GH1,200,000. These will require remedial work costing

GH675,000 and could be sold for GH1,425,000.

ii) Finance cost is made up of the full years preference and ordinary dividends paid.

iii) Non-Current Assets

Land and Building were revalued at GH22,500,000 and GH72,000,000 respectively on

1 January 2020, resulting in revaluation gain of GH11,000,000 for the current year. At that date, the remaining life of the building was 15 years. Depreciation is on straight line

basis. Ignore deferred tax implication.

Depreciation on Plant and Equipment is at 12.5% on reducing balance basis.

Investment Property: On 31 December 2020, a qualified surveyor valued the property at GH20,250,000. Caput Plc uses fair value model under IAS 40: Investment Property to value its investment property.

It is the policy of the company to charge depreciation on full year basis.

iv) The directors have estimated the provision for income tax for the year ended 31 December

2020 at GH12,000,000. The deferred tax for the year ended 31 December 2020 is to be adjusted sox that the tax base of the companys net assets is GH18,000,000 less than the carrying amount. Assume the rate of tax is 30%.

v) On 1 October 2020, Caput Plc imported a piece of equipment from a European supplier for

1million and agreed to settle the bill in six months time. The relevant exchange rates are

provided below:

Date	Exchange Rate
1 October 2020	1:GH6.20
31 December 2020	1:GH6.50
1 April 2021	1:GH6.40

No entries have been made for the above transaction. Any exchange difference on translation should be debited or credited to operating expenses.

Required:

Prepare for Caput Plc:

a) Statement of Comprehensive Income for the year ended 31 December, 2020.

b) Statement of Financial Position as at 31 December, 2020.