preparation of financial statements

Statement of profit or loss and other comprehensive income for the year ended 31 March 2015
K000
Revenue 162,900
Cost of sales (59,830)
Gross profit 103,070
Operating expenses (24,420)
Profit from operations 78,650
Investment income 1,000
Loan interest paid (500)
Profit before tax 79,150
Taxation (14,000)
Profit for the year 65,150
Retained earnings 1 April 2014 9,300

Statement of financial position as at 31 March 2015
K000 K000
Non-current assets
25 year leasehold property at 1 April 2014 94,500
Plant & equipment at 1 April 2014 48,000
Investment property at 1 April 2014 21,000
163,500
Current assets
Inventory 15,000
Trade receivables 26,750 41,750
Total assets 205,250

Equity and liabilities
Equity shares of 25t each 75,000
Retained earnings 64,450
139,450

Non-current liabilities
4% loan notes 25,000
Deferred tax at 1 April 2014 6,000 31,000
Current liabilities 34,800
Total equity and liabilities 205,250

The following information is relevant to the draft financial statements:
1. The leasehold property had a remaining life of 21 years at 1 April 2014. The company policy is measure its leasehold property under revaluation model. The value of leasehold property at the year-end was K100 million. The revaluation gain or loss creates a temporary difference.

2. The plant that was originally purchased at K15 million on 1 April 2012 has been partly damaged. The open market price of the plant is K9 million which is considered to be an achievable value. The expected costs to sell are K750, 000. Depreciation charge for the year ended 31 March 2015 for an item of plant that has been damaged amounted to K960, 000. All plant and equipment is depreciated at 20% per annum using the reducing balance method. All depreciation is to be charged to cost of sales.
3. There were no purchases or disposals of Investment property during the year. At the year end the fair value of the Investment property stood at K23 million. Mpiru Ltd Company measures the investments at fair value through profit or loss.
4. Revenue for the period includes K49 million in respect of credit sales made on a ‘sale or return’ basis. Historically, Mpiru Ltd Company’s customers have sometimes exercised their right under the return agreement. At 31 March 2015 the return period had not yet expired in respect of goods with a sales value of K5 million which costed Mpiru Ltd Company K4 million. None of these goods had been paid for by the customers.
5. Inventory includes some damaged goods that originally costed Mpiru Ltd Company K1.5 million. These goods would require remedial work costing K100, 000 before they could be sold for an estimated K1.3 million.
6. Mpiru Ltd Company deferred tax liability 31 March 2015, amounts to K9.5 million. The income tax charge in the Statement of profit or loss and other comprehensive income of K14 million does not include the effects of deferred tax provision.
7. Dividend paid during the year amounted to K10 million.
8. The corporate income tax rate is 25%.

Required:

Redraft the Statement of profit or loss and other comprehensive income for the year ended 31 March 2015 and the Statement of financial position as at 31 March 2015 including a statement of changes in equity of Mpiru Ltd Company according to IAS