A The following trial balance has been extracted from the books of account of Greet plc as
Question:
A The following trial balance has been extracted from the books of account of Greet plc as at 31 March 19X8:
Additional information:
1 Stock at 31 March 19 X8 was valued at \(£ 150,000\).
2 The following items are already included in the balances listed in the above trial balance:
4 The corporation tax charge based on the profits for the year is estimated to be \(£ 52,000\).
5 A transfer of \(£ 16,000\) is to be made to the credit of the deferred taxation account.
6 The exceptional item relates to the profit made on the disposal of a factory in Belgium following the closure of the company's entire operations in that country.
7 The company's authorised share capital consists of \(1,000,000\) ordinary shares of \(£ 1\) each.
8 A final ordinary payment of \(50 \mathrm{p}\) per share is proposed.
9 There were no purchases or disposals of fixed assets during the year.
10 The market value of the fixed assets investments as at 31 March 19 X 8 was \(£ 580,000\). There were no purchases or sales of such investments during the year.
\section*{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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