The following trial balance has been extracted from the books of account of Ionians plc at 30 April 2014.

Additional information: 

• Inventory at 30 April 2014 was valued at $148 000. 

• Depreciation is to be provided as follows: 

• Plant and machinery: $82 000, charged to cost of sales. 
• Motor vehicles: $68 WO, charged to distribution expenses.

• The interest on the 10 per cent debenture has been pad up to 31 October 2013. 

• The directors have recommended a final ordinary share dividend of $0.15 per share. 

• During the year, the company had issued 200,000 ordinary shares of $0.25 at a premium of $0.10. 

• The directors wish to revalue the freehold property by $50,000. 

Required 

Prepare the following for Ionians plc. 

a. An income statement for the year ended 30 April 2014. 

b. A statement of changes in equity for the year ended 30 April 2014. 

c. A statement of financial position as at 30 April 2014.

Transcribed Image Text:

Dr (S000) Cr ($00) Revenue 5528 Purchases 2619 Inventory at 1 May 2013 136 Distribution costs 714 Administration expenses 613 Fnance costs 956 Ordinary shares final dividend paid (2013) 60 Orcinary shares interim dividend paid (2014) 30 Plant and machinery: cost 820