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Table Plc is currently preparing financial statements for the year ended 31 March 2019.

The accounting team discover that the sales figure for 31 March 2018 was understated by £200,000. The Trade Receivables at 31 March 2018 was also understated by the same amount.

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This error is regarded as material.

Table Plc’s draft Profit or Loss Comprehensive Income Statement for the year to 31 March 2019, before correction of the error,is as follows:

2018                                 2019

£000                                 £000

Revenue                                    1,660                       1,740

Cost of Sales                                  (670)(730)

Gross Profit                                         990                                 1,010

Expenses                                        (590)(560)

Profit before taxation                           400                                   450

Income tax expense                         (80)(90)

Profit for the year                                 320 360

Retained earnings at 1 April 2017 were £950,000. No dividends were paid during the two years to 31 March 2019.  It should be assumed that Table Plc’s tax liability is always 20% of its profit before tax.


  1. Prepare a Profit or Loss Statement of Comprehensive Income for the year ended 31 March 2019, including the restated comparative figures for the year ended 31 March 2018.

(5 Marks)

  1. Calculate Table Plc’s restated retained earnings at 31 March 2019, after correcting the above error.

(5 Marks)

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