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could you please solve this question . All steep 1. The following balances have been extracted from the books of XYZ Co.Ltd on 31 March
could you please solve this question
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All steep
1. The following balances have been extracted from the books of XYZ Co.Ltd on 31 March 2023. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2023, also (ii) a statement of profit or loss for publication for the year to that date. Notes: (a) Inventory at 31 March 2022435,000. (b) The hire of plant and machinery is to be apportioned: distribution 12,000, administrative 3,000. (c) Rent and business rates to be apportioned: distribution 1/4, administrative 3/4. (d) Motors are to be depreciated at 25% 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 reserveStep by Step Solution
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