The following additional information relating to GPA Ltd. is also available:
- Stock at 31 March 2017 was valued at $59,200.
- Machinery costing $43,600, which $28,280 depreciation had been provided, was sold for $21,560 during the year. This transaction has not been recorded because the proceeds of sale has not yet received at year end.
- There was no purchase of fixed assets during the year. Depreciation on motor vehicles and machinery are provided on straight-line basis on cost at the rate of 10% p.a. and 5% p.a. respectively.
- Accrued Rates amount of $5,680 and prepaid insurance $9,800 were in the year.
- The estimated tax expenses for the year amounting to $6,540.
- The directors have decided to increase the general reserve up to $90,000 in total.
Prepare a Statement of profit or loss and other comprehensive income for the year ended 31 March 2017, a Statement of changes in equity and a Statement of financial position as at that date.