E5.1 Muir Limited's trial balance for the year to 30 November 2011 is shown below: Administrative expenses Called up share capital (1 ordinary shares) Cash at bank and in hand Distribution costs Dividends received Fixed asset investments (at cost) Land and property: At cost (land 100,000) Accumulated depreciation (at 1 December 2010) Profit and loss account (at 1 December 2010) Purchases Sales Stock (at 1 December 2010) Trade creditors Trade debtors Vans: At cost Accumulated depreciation (at 1 December 2010) Dr '000 210 40 580 20 200 1,360 260 430 700 3,800 Cr '000 720 4 16 160 2,480 120 300 3.800 Additional information: 1) Stock at 30 November 2011: 250,000. 2) Depreciation if is charged on property at a rate of 4% on cost and on vans at a rate of 25% on cost. 3) At 30 November 2011 10,000 was owed for office salaries and 5,000 had been paid in advance for van licences. 4) Corporation tax owing at the end of the year for 2011 amounted to 55,000. 5) The directors propose to pay an ordinary dividend of 10p per share. Required: Prepare Muir's profit and loss account for the year to 30 November 2011 and a balance sheet as at that date.