The following statement of financial position has been drawn up for the directors of Gaurav plc as at 31 March 2018.

However, the following changes were made after the first draft of the balance sheet was drawn up:
1 An issue of 100,000 ordinary shares was made at a premium of £1 2 Money from the successful share issue was used as follows:

(a) The debenture was redeemed in full

(b) The tax owing was paid

(c) The bank overdraft was cleared 3 Freehold land was revalued to £900,000.
Redraft the statement of financial position after taking into account the above changes.

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Non-current assets Freehold land Plant and equipment Current assets Inventory Trade receivables Current liabilities Trade payables Tax owing Bank balance Gaurav plc Statement of financial position as at 31 March 2018 Working capital Non-current liabilities Debentures NET ASSETS Equity Ordinary share capital (1 shares) Preference share capital (50p shares) Capital reserves Share premium account Revenue reserves Retained earnings EQUITY 625,000 625,000 298,500 56,800 241,700 923,500 56,800 866,700 61,978 32,323 94,301 28,423 11,800 13,233 53,456 40,845 907,545 90,000 817,545 600,000 100,000 50,000 67,545 817,545