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Prepare the statement of financial position for quench plc

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Reference no: EM132619643

You are provided with the following information

1. The 'Provision for legal claim', which was provided for in the last financial year, was settled on 18 June 2019 for £81,000. The only entry made in relation to this settlement was against 'cash at bank', resulting in a balance on the suspense account.

2. "Administration expenses" includes £87,000 in relation to leasing costs. On 1 August 2018 Quench plc entered into an agreement to lease a piece of equipment. Under the terms of the agreement a non-refundable deposit of £15,000 was paid on 1 August 2018 and four annual instalments of £72,000 are payable, also starting on 1 August 2018.

The rate of interest implicit in the lease is 5%.

The estimated useful life of the equipment is five years, after which it will have no value.

Required

Question a) Prepare the statement of financial position for Quench plc as at 31 July 2019 in a form suitable for publication. Work to the nearest (£'000) and clearly show all workings.

Reference no: EM132619643

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