KK Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 19X9 of £200,000. You are to complete the profit and loss and appropriation account for the year.

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(a) The standard rate of income tax is taken as being 30 per cent. (b) KK Ltd has bought 80,000 of 10 per cent debentures in another company. KK Ltd receives its interest, less income tax, for the year on 15 December 19X9. (c) KK has issued 150,000 of 8 per cent debentures, and pays interest, less income tax for the year on 20 December 19X9. (d) No cheque has been paid to the Inland Revenue for income tax. (e) KK Ltd has a liability for corporation tax, based on the year's profits for 19X9, of 97,000.