A The following figures for the year to 30 April 19 X6 have been extracted from the books and records of three companies which form a group:

Profits are deemed to accrue evenly throughout the year.
\section*{Other information:}

(a) Corporation tax of the following amounts is to be provided on the profits of the year:

(c) Field Ltd sells goods for resale to both Old plc and Lodge Ltd. At 30 April 19X6, stocks of goods purchased from Field Ltd are:

The net profit percentage for Field Ltd on sales of these goods is 25 per cent.
Old plc has \(£ 36,000\) of these goods in stock at 1 May 19 X 5 .
Total sales in the year by Field Ltd to Old plc were \(£ 150,000\) and to Lodge Ltd \(£ 120,000\).

(d) Old plc acquired the whole of the ordinary shares in Field Ltd many years ago. 50,000 of the preference shares were acquired on 1 August 19X5. Old plc acquired 120,000 shares in Lodge Ltd on 1 August 19X5.
\section*{Required:}
A consolidated profit and loss account for Old plc and its subsidiaries for the year ended 30 April \(19 \times 6\), together with any relevant notes.

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Old Field Lodge plc Ltd Ltd Revenue reserves at 1 May 19X5 30,000 40,000 50,000 Stocks at 1 May 19X5 90,000 150,000 80,000 Sales 1,250,000 875,000 650,000 Purchases 780,000 555,000 475,000 Distribution expenses 125,000 85,000 60,000 Administration expenses 28,000 40,000 72,000 Interim dividends: Paid 31 July 19X5, ordinary 45,000 35,000 15,000 Paid 31 October 19X5, preference 4,000 Share capital - fully paid ordinary shares of 1 each 450,000 350,000 200,000 8% preference shares of 1 each 100,000 Stocks at 30 April 19X6 110,000 135,000 85,000