Prepare Woburn Ltd's Statement of profit and loss for the year ended 31 December 2019

Woburn Ltd is a business selling toiletries to hotels and spas. It has been operating for a number of years. The ledger of Woburn Ltd. contains the following account balances as at 31 December 2019, the end of the financial year. WOBURN Ltd TRIAL BALANCE AS AT 31 December 2019 Debit Credit e Purchases 235,000 Sales 402,200 Inventory, as at 1 January 2019 50,000 Wages and salaries 68,800 Selling expenses 22,600 Loan interest 1,500 Other operating expenses 11,300 Trade payables 36,000 Trade receivables 38,000 Cash in hand and at bank 1,600 Property, at cost 120,000 Equipment, at cost 80,000 Accumulated depreciation (as at 1 January 2019) on property 20,000 on equipment 38,000 Dividends paid 24,000 5% long-term loan 30,000 Ordinary shares 1, as at 1 January 2019 80,000 Retained profits, as at 1 January 2019 46,600 652.800 652.800 The following additional information as at 31 December 2019 is available: a) Closing inventory has been valued at cost at 42,000. b) Depreciation for the year ended 31 December 2019 has still to be charged as follows: Property: 1.5% per annum using the straight-line method Equipment: 25% per annum using the reducing balance method