The following balances remained in the books of Polk Ltd on 31 March 20X4, after the profit and loss account and appropriation account had been drawn up. You are to draft the balance sheet as at 31 March 20X4 in accordance with the Companies Acts.

Notes:

1. Of the debentures, £20,000 is repayable in 5 months’ time, while the other £30,000 is repayable in 4 years’ time.

2. Of the bills payable, £3,000 is in respect of a bill to be paid in 8 months’ time and £1,000 for a bill payable in 14 months’ time.

3. The depreciation charged for the year was: Building £5,000, Plant and machinery £7,500.

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Ordinary share capital: £1 shares Preference share capital: 50p shares Calls account (ordinary shares) Development costs Goodwill Land and buildings - at cost Plant and machinery - at cost Provision for depreciation: Buildings Provision for depreciation: Plant and machinery Shares in undertakings in which the company has a participating interest Stock: Raw materials Stock: Finished goods Debtors: Trade Amounts owed by undertakings in which the company has a participating Dr £ 1,000 32,000 104,000 250,000 75,000 70,000 6,000 36,000 24,000 Cr £ 250,000 100,000 20,000 30,000