The following balances have been extracted from the books of Mitchell plc on 31 July 2002.
From them draw up (i) a detailed trading and profit and loss account for internal use, for the year ending 31 July 2002, also (ji) a profit and loss account for publication for the year to that date.

(a) Stock at 31 July 2002 303,000.

(b) The hire of plant and machinery is to be apportioned: productive 12,000, administrative 2,000.

(c) Rent and business rates to be apportioned: distribution 3/4, administrative 1/4.

(d) Motors are to be depreciated at 33 per cent on cost; plant and machinery to be depreciated at 10 per cent on cost.

(e) Auditors' remuneration of 15,000 to be accrued.

(f) Corporation tax on profit from ordinary activities for the year is estimated at 29,000, excluding tax on disposal of investments.

(g) Transfer 50,000 to general reserve.

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Purchases Sales Returns inwards Returns outwards Carriage inwards Wages productive Discounts allowed 1,310,000 1,790,000 29,000 57,000 10,000 109,000 11,000 Discounts received 15,000 Stock 31 July 2001 317,000 Wages and salaries: Sales and distribution 41,000 Wages and salaries: Administrative 62,000 Motor expenses: Sales and distribution 26,000 Motor expenses: Administrative 8,000 General distribution expenses 7,000 General administrative expenses 6,000 Rent and business rates (see Note (c)) 17,000 Directors' remuneration 35,000 Profit and loss account: 31 July 2001 Advertising 141,000 19,000 Bad debts 3,000 * Hire of plant and machinery (see Note (b)) 14,000 Motor vehicles at cost: Sales and distribution 45,000