The trial balance of Beta Ltd as at 31.12.X5, before adjustment for any of the items listed in the notes, is as follows:

The following notes are to be taken into account:
1 Stock as at 31.12.X5 is £3,400 valued at cost.
2 A final dividend of 5p per share is proposed.
3 Depreciation is to be provided for as follows:
- buildings 2% per annum straight line - fixtures and fittings 25% straight line - vehicles 20% reducing balance.
4 Corporation tax for the year is estimated at £3,500.
5 Fittings originally costing £2,400 on which depreciation of £1,200 had been pro¬ vided were sold on 31.12.X5 for £950. No entries have been made in the accounts for the sale nor has any cash been received.
Prepare the profit and loss account and balance sheet for Beta Ltd for the year ended 31.12.X5.

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Dr Cr Issued 1 ordinary shares 50,000 Share premium 5,000 Buildings (cost) 55,000 Fixtures and fittings (cost) 27,000 Vehicles (cost) 15,000 Depreciation as at 1.1 X5 Buildings 3,300 Fixtures and fittings 6,750 Vehicles 5,400 Sales 111,000 Purchases 75,000 Wages and salaries 12,000 Other expenses 8,000 Stock 1.1 X5 2,500 6% debentures 30,000 Debenture interest paid 900 Interim dividend paid 2,000 Debtors and creditors 28,000 15,000 Retained profits 1.1.X5 9,500 Cash 10,550 235,950 235,950