Corporation tax for financial years \(19 \mathrm{X} 1,19 \mathrm{X} 2\), and \(19 \mathrm{X} 3\) was 35 per cent and income tax for each year was 25 per cent.

(A) Barnet Ltd's draft profit and loss account for the year ended 31 December \(19 \times 2\) shows net trading profit of \(£ 560,000\). This figure is before taking into account (B) and (C1) and (C2).

(B) Debenture interest paid on 30 November 19 X2 (gross) was \(£ 80,000\). Ignore accruals.

(C1) Fixed rate interest received is \(£ 24,000\) (net). Date received 31 October 19X2. Ignore accruals.

(C2) A dividend of \(£ 900\) was received from CD Ltd on 1 September.

(D) Depreciation, already charged before calculating net trading profit, was \(£ 50,000\). This compares with \(£ 90,000\) capital allowances given by the Inland Revenue. There is to be full provision for all timing differences for \(19 \times 2\).

(E) The income tax bill (net) in respect of (B) and (C1) was paid on 15 December \(19 \mathrm{X} 2\).

(F) Preference dividend paid on 30 June \(19 \mathrm{X} 2 £ 18,000\).

(G) Ordinary interim dividend paid 15 July \(19 \times 2 £ 75,000\).

(H) Proposed final ordinary dividend for 19 X2 (paid in 19X3) was \(£ 120,000\).

(I) Proposed final ordinary dividend for 19 X1 (paid 31 March 19X2) was \(£ 90,000\).

(J) There was a credit balance on deferred taxation account on 31 December \(19 \mathrm{X} 1\) of \(£ 67,000\).
(K) Tax for \(19 \mathrm{X} 1\) had been provided for at \(£ 115,000\) but was finally agreed at \(£ 112,000\) (paid on 30 September \(19 \times 2\) ).
(L) Corporation tax for \(19 \mathrm{X} 2\) is estimated to be \(£ 154,000\).
You are required to enter up the following accounts for the year ended 31 December 19X2 for Barnet Ltd: Deferred tax; Income tax; Interest receivable; Debenture interest; Investment income; Corporation tax; Tax on profit on ordinary activities; Preference dividends; Ordinary dividends; Profit and loss account extract. Also Balance sheet extracts as at 31 December 19X2.