Trial balance as at 30 April 2020

	Debit P000	Credit P000
Distribution costs	6,852
Administration expenses	3,378
Interest	240
Trade receivables	5,455
Trade payables		2,363
Interim dividend paid	300
Ordinary share capital		12,000
Revenue		31,710
Long-term loan (8% debentures, payable 2020)		6,000
Plant and equipment cost	16,641
Plant and equipment -Accumulated depreciation @ 1 May 2016		3,036
Purchases	15,525
Cash and cash equivalents	304
Retained earnings		8,197
Opening inventories	6,531
Share premium		2,000
Final dividend for the year ended 30 April 2017	100
Land and buildings cost / valuation	12,200
Land and buildings accumulated depreciation @ 1 May 2016		220
Revaluation reserve @ 1 May 2016		2,000
	67,526	67,526

Further information:

1. Closing inventory at 30 April 2020 was valued at P7,878,000
2. The corporation tax charge for the year has been calculated as P1,900,000
3. It has been noted that after year end, that one of the products made by the company was faulty. It was decided that the product be recalled at an estimated cost to the company of P10,000. All these products were sold prior to year-end. No adjustments have yet been made to the 2020 accounts. The recall expenses are classified as administrative costs.
4. Interest on the long-term loan has been paid for the six months of the year. No adjustment has been made for the interest due for the final six months of the year.
5. P1,500,000 of revenue returns has been treated as revenue in the 2020 year, in error
6. Depreciation is allocated to administrative expenses and is to be provided for the year to 30 April 2020 as follows:
7. Buildings 10% pa Straight line basis
8. Plant and equipment 20% pa Diminishing balance basis
9. Land (included in the trial balance at a value of P10,000,000 is to be revalued to P13,000,000 in the 2020 financial statements.
10. All of the operations are continuing operations

Required to prepare: Statement of profit or loss and other comprehensive income for the year ended 30 April 2020