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The accountant $of$ Phoenix Breweries $Ltdis$ preparing the financial statements for the year ending $31$ December $2023.$

The following $isan$ extract from the fixed asset register $of$ Phoenix Breweries $Ltdat$ the start $of$ the year, $i.e01$ January $2023$:

Asset Type Date $of$ Purchase Cost $(Rs)$ Accumulated Useful life

Depreciation

Land $01$ January $20221,800,000$ nil nil

Buildings $01$ January $20222,500,000125,00020$ Years

Vehicles $01$ January $20221,600,000200,0008$ Years

Phoenix Breweries $Ltd$ concluded the following asset transactions during the year ended $31$ December $2023$:

$*$ Land with a cost $ofRs400,000$ was sold $on01$ March $2023$ for $Rs325,000$

$*$ A stand $on$ a plot $of$ land was purchased for $Rs350,000.$ The stand $istobe$ used $asan$ owner occupied property. The asset $istobe$ treated $as$ land.

$*$ Improvements amounting $toRs135,000$ were effected $to$ buildings $on01$ January $2023.$

$*$ A vehicle $(originalcost-Rs160,000)$ was sold $on30$ June $2023$ for $Rs115,000$

$*$ The assets under consideration have $no$ residual value, and this situation will remain unchanged until the end $of$ their useful lives.

$*$ The manner $in$ which assets are recovered $is$ not expected $to$ change.

$*On01$ January $2023,$ Phoenix Breweries $Ltd$ determined that the remaining useful life $of$ the buildings was $25$ years.

$*$ The entity uses $a``Profit$ before tax$``$ note $to$ disclose disclosable income and expenses.

$*$ Assume all amounts are material.

Required:

$(i)$ Prepare $an$ extract $of$ the Statement $of$ Financial Position $asat31$ December $2023,$ showing how these non$-$current assets will $be$ classified and presented. $(You$ must take into account IAS $1-$ Presentation $of$ Financial Statements and IAS $16-$ Property, Plant and Equipment$)-$ All workings must $be$ shown. Figures must $be$ rounded off.

$(ii)$ Show $an$ extract $of$ the notes $to$ the financial statements $in$ connection with Property, Plant and Equipment. The notes must include the accounting policies, Profit before tax note $(i.e$ expenses $tobe$ included before arriving $at$ Profit before tax$)$ and the PPE schedule describing the assets held $by$ the company.

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