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Prepare the statement of financial position of the company

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Reference no: EM132646988

The amounts were extracted from the books of Morning Daily Farm Limited as at 31 March 2008

Livestock - k85 000 000
Property plant and equipment - k292 600 000
Equity shares - k200 000 000
Bank - k2000 000
Trade receivables - k17 600 000
Trade payables - k33 200 000
Inventories - k16 600 000
Retained earning at 31 March 2007 - k173 000 000
Profit for the year 31 March 2008 - k7600 000

In line with the requirement of IFRS 41 , the company separates livestock into consumable and bearer biological assets. The fair value of consumables biological assets as at 31 March 2008 was K 60m, with the balance attributable to bearer biological assets.

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Question 1: Prepare the statement of financial position of the company as at 31 March 2008.

Reference no: EM132646988

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