Reference no: EM132631401

Question - The following information will be for questions 1-5: All amounts are in Kwacha. The following trial balance has been extracted from the accounting records of Burt plc at 31 March 2020, before the preparation of financial statements. Sales Revenue 121,500 Cost of sales 14,556 Freehold land at revaluation 90,500 Buildings at cost 75,600 Buildings-Accumulated depreciation 45,360 Administrative expenses 15,400 Distribution expenses 11,200 Intangible assets 42,500 Inventories as at 31 March 2020 7,865 Interest expense 1,310 Retained earnings 23,457 Trade Receivables 9,045 Trade Payables 8,720 Cash at bank 8,100 Short-term investments 116,812 8% bank loan repayable in 2024 26,200 Corporation tax payable 2,300 General Reserve 62,500 Revaluation Reserve 32,481 Share capital ( K 1 each) 70,370. Research and development expenditure is made up imternally generated goodwill of K32,000 and the remainder for the development of a project that is for a production process scheduled to be launched in July 2020. Buildings have 10 years remaining on their useful life and have been revalued to K35, 000 at the year end. It is believed that for 10 months of the year the buildings were held strictly for capital appreciation and rentals. Interest for 10 months of the year has accrued. 1, 000 new shares were issued at K1.4 each.

Required - What is the value of Share capital and share premium at the end of the year?