Bunker plc is a trading company; it does not carry out any manufacturing operations. The following information
Question:
Bunker plc is a trading company; it does not carry out any manufacturing operations. The following information has been extracted from the books of account for the year to 31 March 19X0:
Additional information:
1 Depreciation policy:
Depreciation is provided at the following annual rates on a straight line basis: delivery vans 20 per cent; office cars 7.5 per cent; stores plant and equipment 10 per cent.
2 The following taxation rates may be assumed corporation tax 35 per cent; income tax 25 per cent; value added tax 15 per cent.
3 The investment income arises from investments held in fixed asset investments.
4 It has been decided to transfer an amount of \(£ 150,000\) to the deferred taxation account.
5 There were \(1,000,000\) ordinary shares of \(£ 1\) each in issue during the year to 31 March \(19 \times 0\), There were no preference shares in issue.
Required:
Insofar as the information permits, prepare Bunker ple's published profit and loss account for the year to 31 March 19 X0 in accordance with the minimum requirements of the Companies Act 1985 and related accounting standards.
Step by Step Answer: