11.4A The following balances have been extracted from the books of Mitchell plc on 31 July 20X2. From them draw up (i) a detailed trading and profit and loss account for internal use, for the year ended 31 July 20X2, also (ii) a profit and loss account for publication for the year to that date. Purchases Sales Returns inwards Returns outwards Carriage inwards Wages - productive Discounts allowed Discounts received Discounts received Stock 31 July 20X1 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor penses: Administrative expenses: General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Profit and loss account: 31 July 20X1 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Administrative Plant and machinery: Distribution Debenture interest payable Income from shares in group undertakings Income from shares in undertakings in which the company has a participating interest Preference dividend paid Profit on disposal of investments Tax on profit on disposal of investments Ordinary dividend paid Notes: (a) Stock at 31 July 20X2 303,000. 1,310,000 1,790,000 29,000 57,000 10,000 10,000 109,000 109,000 11,000 15,000 317.000 41.000 41,000 62,000 26,000 26,000 8,000 7,000 6.000 6,000 17.000 17,000 25.000 35,000 41.000 141,000 19.000 19,000 3,000 14,000 45,000 18,000 10,000 13,000 7,000 8,000 6,000 5,000 20,000 14,000 3,000 (b) The hire of plant and machinery is to be apportioned: productive 12,000, administrative 2,000. (c) Rent and business rates to be apportioned: distribution 4, administrative 1/4. (d) Motors are to be depreciated at 33 per cent on cost; plant and machinery to be depreciated at 10 per cent on cost. (e) Auditors' remuneration of 15,000 to be accrued. (f) Corporation tax on profit from ordinary activities for the year is estimated at 29,000, excluding tax on disposal of investments. (g) Transfer 50,000 to general reserve.