The following trial balance has been extracted from the books of account of Robins plc at 31 March 2015.

Additional information: 

• Inventory at 31 March 2015 was valued at $125 000. 

• Administration expenses of $4000 have been paid in advance. 

• Depreciation is to be provided as follows: 

• Freehold property: 2 per cent per annum on a straight-line basis, charged to administration expenses. 
• Plant and machinery: 10 per cent per annum on a straight-line basis, charged to cost of sales. 
• Motor vehicles: 20 per cent per annum on a reducing-balance basis, charged to distribution expenses. 

Required

Prepare the following for Robins plc. 

a. An income statement for the year ended 31 March 2015. 

b. A statement of changes in equity for the year ended 31 March 2015. 

c. A statement of financial position as at 31 March 2015.

Transcribed Image Text:

Dr (S000) Cr (S000) Revenue 3 790 Purchases 1 636 Inventory at 1 April 2014 110 Distribution costs 662 Administration expenses 452 Finance costs 810 Ordinary shares interim dividend paid 70 Plant and machinery: cost 410 Plant and machinery: provision for depreciation 287 Motor vehicles: cost 350 Motor vehicles: provision for depreciation 70 Freehold property: cost 750 Freehold property: provision for depreciation 135 10% debenture 2019-2021 340 Issued ordinary shares of $0.25 each 400 Trade receivables 519 Trade payables 265 Cash and cash equivalents 427 Retained earnings 869 Share premium 40 6 196 6 196