(c) At 31 December 2013, Blue Label plc had manufactured whisky at a cost of...
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(c) At 31 December 2013, Blue Label plc had manufactured whisky at a cost of Rs1,000. On 1 January 2014 it sells the whisky to Northern Bank Ltd for Rs1,400 on the binding agreement that Blue Label plc has to buy back the whisky from Northern Bank Ltd on 31 December 2016 at a price of Rs2,000. Blue Label has a calendar year end. Required: Prepare relevant extracts of both the income statement of Blue Label for the year ended 31 December 2014 and its statement of financial position as at 31 December 2014
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