Joe Holden owns a small publishing company. The business is incorporated under the name of Holden Publishing Ltd, and Joe and his friend, Wayne, are the directors. As the business is small, a local accounting firm is employed to prepare its accounts after the end of the accounting period from information Joe supplies. You work for this firm as an intern and have been asked to prepare a first draft of the accounts for Holden Publishing Ltd for the year ending 31st December 2016. Joe has provided you with a list of closing balances as at 31st December 2015, the previous accounting period end Printing machine: cost Printing machine: accumulated depreciation Bank loan repayable in 2020 Fixtures and fittings: cost Fixtures and fittings: accumulated depreciation Inventories Trade receivables Trade payables Allowance for trade receivables Share capital: 1 ordinary shares Accrued expenses (accountant's fees) Bank overdraft Prepaid expenses (rent) Retained profits 53,273 36,417 27,000 40,000 10,000 29,360 30,600 5,211 765 40,000 1,500 5,000 1,050 28,390 Notes: 1. The printing machine was acquired on 1st January 2012 and is being depreciated at a rate of 25% each year using the reducing balance depreciation method 2. The fixtures and fittings were bought on 1st January 2014. The company's policy is to depreciate fixtures & fittings over 8 years to a zero residual value using the straight-line depreciation method