You have been asked to prepare the financial statements of Novel Ltd. for the year ended 31st March 2017. The company's trial balance as at 31st March 2017 is shown below. Debit Credit Equity Property at Cost 151,742 150,000 Property - acc depreciation 14,625 Plant and equipment at cost 70,000 Plant and equipment - acc depreciation 30,500 Trade Receivables 4,567 Trade Payables 2,642 Accruals 239 5% bank loan repayable 2020 15,000 Cash at Bank 5,519 Retained earnings 6,590 Long term bank loan interest paid 375 Sales 73,943 Purchases 48,698 Distribution costs 4,555 Administrative costs 6,589 Inventories as at 1st April 2016 4,978 295,281 295,281