Urgenttt

3. Chelsea plc has the following trial balance as at 31 March 2021. Note L'000 L'000 Ordinary share capital of 1 1,000 Share premium account 960 Retained earnings 1 April 2020 1,440 Land 4,200 i Factories at cost 2,000 ii Factories accumulated depreciation 1 April 2020 700 i Motor Vehicles at cost 860 Motor Vehicles accumulated depreciation 1 April 2020 360 Inventories 1 April 2020 300 Intangibles at cost 900 vi Trade receivables 640 Trade payables 540 Purchases of goods for resale 2,520 Administrative expenses 360 Distribution costs 220 Dividends paid in year 160 5% loan repayable 30 August 2026 960 Loan interest paid 31 December 2020 36 vii Revenue 5,196 Bank balance 1,040 12,196 12.196 Additional Information: i il. Chelsea ple revalued land at 1 April 2020 to 5.6 million. Chelsea plc revalued factories at 1 April 2020 to 2.2 million. At this date factories have a remaining useful life of 15 years and a residual value of 400,000 No depreciation has been charged in the trial balance for the year ended 31 March 2021. Depreciation on factories is charged to cost of sales. Depreciation on motor vehicles is 30% on the reducing balance basis and is charged to distribution costs. Question 3 continues on the next page Question 3 continued ii. Inventories are valued at cost of 430,000 at 31 March 2021 and have a net realisable value of 390,000. iv. The tax expense for the year ended 31 March 2021 is estimated at E620,000 On 1 April 2020 Chelsea plc issued 150,000 ordinary shares at a price of 1.90 each. vi. The intangibles were purchased by Chelsea plc on 1 August 2020, and have a useful life of 6 years from that date. Amortisation is charged to administration expenses. Vii. Chelsea plc has only accounted for the loan interest paid in the year. The loan was obtained on 1 April 2020. Required: Prepare a statement of comprehensive income, statement of changes in equity and statement of financial position for Chelsea plc for the year ended 31 March 2021