Prepare a trading profit and loss accpunt and balance sheet 31st March 2021

. You have ascertained the following information to assist with your assessment: Cloud 9 is registered for VAT and charges 23% VAT on its sales. VAT returns are submitted on-line following the end of each (calendar) two monthly period and payment is made by the 231 of the relevant month. Ignore taxation other than VAT. A loan of 69,000,000 was taken out with Irish Bank ple on 1st Apr 2015 and is repayable in full on 14 Apr 2025. The interest rate on the loan is 10% per annum, payable quarterly on 14 January, 14 April, 1* July and 1 Oct each year. All Cloud 9's sales and purchases are on 30-day credit terms. All other expenses are paid immediately on receipt of invoice. Cloud 9 depreciates it's property, plant & equipment on a straight-line basis as follows: Buildings 40 years Machinery 20 years Delivery vans 5 years Fixtures & fittings Office furniture & equipment 10 years The following appendices are included: Appendix 1: Trial balance extracted from Cloud 9's records @31st March 2021. Appendix 2: Details of Go Online's new manufacturing line and financial projections for the six months from 1 April 2021 to 30th September 2021 o Appendix 3: Abridged financial statements for two previous years to 31 March 2020 and 2019 10 years Please note that whilst your report package is to include specified statements and reports, it is necessary to include all relevant data and conclusions into the financial assessment to ensure that the full economic impact is considered. Appendix 1 -Trial Balance 31st March 2021 Trial Balance as at 31st March 2021 000 6000 50,000 206,655 69,000 100,000 25,000 85,000 12,750 18,500 7,400 14,000 4,200 13,500 5.400 Share capital Retained earnings @314 March 2020 Loan Building (cost) Building accumulated depreciation 31st Mar 2020 Machinery (cost) Machinery accumulated depreciation 31st Mar 2020 Delivery vans (cost) Dellvery vans accumulated depreciation 31st Mar 2020 Fixtures & fittings (cost) Fixtures & fittings accumulated depreciation 31st Mar 2020 Office furniture & equipment (cost) Ollice furniture & equipment accumulated depreciation 31st Mar 2020 Inventory 1 April 2020 Trade receivables Bank overdraft Trade payables VAT payable Sales revenue Purchases Wapes and salaries Llight and heat Selling expenses Advertising Client entertainment Legal and professional fees Maintenance and repairs Motor expenses Office expenses Interest expense 147,500 87,300 15,950 45.700 6,220 370,000 248,750 62,500 7,250 6,500 3,000 2,750 1,500 4,800 6,500 3,750 5.175 818,275 818,275 On 31st March 2021 the following expenses had not been accounted for. Cloud 9 plans to pay the outstanding amounts in April 2021. Wages. overtime for March 2021 3,200.000 Petrol for delivery vans (inclusive o VAT 11.5%) 150,000 Loyal fees (inclusive of VAT 23%) 61,230,000 Inventory on hund 31st March 2021 is valued at $171,250.000 Amounts due from trade recevables at 31st March 2021 are expected to be received 50% in April and remainder in May. Amounts due to trade payables at 31st March 2021 are expected to be paid in full in April