The following trial balance has been extracted from the books of account of Greet plc as at 31 March 19X8:

Required:
Insofar as the information permits, prepare the company’s published profit and loss account for the year to 31 March 19X8 and a balance sheet as at that date in accordance with the Companies Acts and with related accounting standards.
Relevant notes to the profit and loss account and balance sheet and detailed workings should be submitted with your answer, but a statement of the company’s accounting policies is not required.

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Dr Cr 000 000 Administrative expenses 210 Called up share capital (ordinary shares of 1 fully paid) 600 Debtors 470 Cash at bank and in hand 40 Corporation tax (overprovision in 19X7) 25 Deferred taxation (at 1 April 19X7) 180 Distribution costs 420 Exceptional item 60 Fixed asset investments 560 Franked investment income (amount received) 72 Plant and machinery: At cost 750 Accumulated depreciation (at 31 March 19X8) 220 Profit and loss (at 1 April 19X7) 182 Purchases 960 Stock (at 1 April 19X7) 140 Trade creditors 261 Turnover 1,950 3,550 3,550