Lindesay Trading plc

1. Closing inventories are £13.

2. The following are not recorded in the trial balance: Taxation payable £58.

3. Authorised share capital was £500 for ordinary share capital and £400 for preference share capital.

4. There was £45 owing for wages and salaries.

5. Debenture interest was £8.

6. Of the insurance £1 was prepaid.

7. The proposed auditors’ fees are £3.

8. A transfer to the general reserve was made of £16.

9. Depreciation is to be £17 on land and buildings and £60 on motor vehicles.

Required:

Prepare for internal management purposes the income statement for the year ended 31 March 2012 and the statement of financial position as at 31 March 2013.

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Trial Balance as at 31 March 2013 000 000 Ordinary share capital 425 Preference share capital 312 Share premium account 18 Revaluation reserve 27 General reserve as at 1 April 2012 13 Long-term loan Patents Trade payables Retained earnings as at 1 April 2012 Land and buildings at cost Motor vehicles at cost Opening inventories as at 1 April 2012 Trade receivables Ordinary dividends 17 87 834 25 312 10 157 121 19 Preference dividends Bank 9 186 Electricity 12 Wages and salaries 183