1. The following balances have been extracted from the books of ABC Co.Ltd on 31 March 2022. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2022, also (ii) a statement of profit or loss for publication for the year to that date. Amount in Purchases 1,550,000 Revenue 2,150,000 Returns inwards 30,000 Returns outwards 67,000 Discounts allowed 22,000 Discounts received 25,000 Inventory 1 April 2021 325,000 Wages and salaries: Sales and distribution 52,000 Wages and salaries: Administrative 42,000 Motor expenses: Sales and distribution 16,000 Motor expenses: Administrative 8,000 General distribution expenses 5,000 General administrative expenses 7,000 Rent and business rates (see Note (c)) 25,000 Directors' remuneration 28,000 Retained profits 1 April 2021 121,000 Advertising 20,000 Bad debts 3,500 Hire of plant and machinery (see Note (b)) 18,000 Motor vehicles at cost: Sales and distribution 65,000 Motor vehicles at cost: Administrative 18,000 Loan-note interest payable 5,000 Income from shares in group entities 12,000 Preference dividend paid 15,000 Ordinary dividend paid 10,000 Notes: (a) Inventory at 31 March 2022 435,000. (b) The hire of plant and machinery is to be apportioned: distribution 12,000, administrative 6,000. (c) Rent and business rates to be apportioned: distribution 1/4, administrative 3/4. (d) Motors are to be depreciated at 30 % on cost (e) Auditors' remuneration of 20,000 to be accrued. (f) Corporation tax on profit from ordinary activities for the year is estimated at 32,000 (g) Transfer 50,000 to general reserve