TY produced the following trial balance at 31 March 2021.
Debit 000
Credit 000
800
200
100
135
250
Ordinary share @ 0.50
S% Preference share 1.00
Share premium account
Revaluation reserve
Retained earnings
Land at valuation
Premises at cost
Depreciation to 1 April 2020
Plant and machinery at cost
Depreciation to 1 April 2020
Intangible assets
Inventory at 1 April 2020
Receivables
Cash in hand
Payables
Bank overdraft
Administration expenses
Selling and distribution expenses
Dividends
Interest on loan notes
495
350
220
20
30
200
210
875
12
318
264
292
15
9,009
2,569
1,745
15
34
4,731
4,731
Carriage inwards
Carriage outwards
Sales returns
Purchase returns
Additional information:
1. A physical inventory check reveals inventories at cost of 194,000.
2. Prepaid administration expenses amount to 12,000 and prepaid selling and delivery expenses amount to 28,000. Accrued administration expenses amount to 17,000.
3. During March 2021, goods were sold on a sale or return basis, with the final date for return being 25 November. The sale has been recorded as normal in the sales day book. The goods cost 7,000 and had a selling price of 12,000.
4. The land is to be revalued at 550,000.
5. The share capital of TY comprises ordinary shares at nominal value 0.5 and 200,000 5% preference shares of E.
6. The premises are to be depreciated at 4% per annum straight line. The plant and machinery is to be depreciated at 10% per annum straight line.
7. Income tax of 40,000 is to be provided for the year.
8. The dividends account represents a half-year's preference dividend and an ordinary dividend.
Required:
(a) Prepare the Statement of Profit or Loss and Statement of Change in Equity for TY plc for the year ended 31 March 2021.
(b) Prepare the Statement of Financial Position of TY at the year ended 31 March 2021.
