The trial balance in Table 6.14 was prepared for Sacha SA, a French winemaker, after the income statement for the year ended 31 March 2013 had been drawn up.

REQUIRED:

a) The directors are keen for the property to be shown at the revalued amount in the accounts. Explain what the effect on the financial statements will be as a result of processing the revaluation of the property.
b) Prepare the statement of comprehensive income for the year ended 31 March 2013, starting from the profit for the year.

c) Prepare the statement of changes in equity for the year ended 31 March 2013.
d) Prepare the statement of financial position as at 31 March 2013.

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Table 6.14 Debit Credit '000 '000 Ordinary share capital 1,000 5% debenture (2020) 600 Share premium 150 Property, at net book value 1,640 Plant and equipment, at net book value 353 Inventories at 31 March 2013 734 Trade receivables 516 Trade payables and accruals 604 Bank balance Prepayments 30 Profit for the year 199 Ordinary dividend paid 60 Retained profits at 1 April 2012 780 3,333 3,333