The following trial balance is extracted from the books of Walrus plc as at 31 March 2010: 

Additional information: 

• The company’s non-depreciable land was valued at EUR 600,000 on 31 March 2010 and this valuation is to be incorporated into the accounts for the year ended 31 March 2010. 

• The company’s depreciation policy is as follows:

In all cases, a full year’s depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal. None of the assets had been fully depreciated by 31 March 2009. 

One February 2010, a vehicle used entirely for administrative purposes was sold for EUR 20,000 for cash. The vehicle had cost EUR 88,000 in August 2006. This was the only disposal of a non-current asset, made during the year ended 31 March 2010. 

Prepare the following financial statements for Walrus plc in accordance with the requirements of IAS 1 (revised): 

(a) a statement of comprehensive income for the year ended 31 March 2010; 

(b) a statement of financial position as at 31 March 2010; 

(c) a statement of changes in equity for the year ended 31 March 2010.

Transcribed Image Text:

Land, at cost Buildings, at cost Equipment, at cost Vehicles, at cost Goodwill, at cost Accumulated depreciation at 1 April 2009; Buildings Equipment Vehicles Inventory at 1 April 2009 Trade receivables Trade payables Allowance and receivables Bank balance Corporation tax Ordinary shares of 2 each Retained earnings at 1 April 2009 Sales Purchases Directors' fees Wages and salaries General distribution costs General administrative expenses Dividend paid Rents received Disposal of vehicle Dr 0,00 240 500 392 568 600 214 366 976 300 552 202 372 40 5,322 Cr 000 180 152 264 234 16 114 12 400 1,006 2,864 60 20 5,322