Q3 The following list of balances has been extracted from the books of Phillips Ltd as at 30th September 2005 : You are given the following information: Stock at 30 th September 2005 is 42,000 General expenses includes a rent prepayment of 2,000 for the following year The interest on the preference shares has not yet been paid The ordinary shareholders are due a dividend of 10p per share Depreciation needs providing for as follows: Property - 10% on cost Fixtures 5% on cost Motor vehicles 20% on a reducing balance basis Corporation tax of 30,000 needs providing for Required Prepare the trading profit and loss account and the balance sheet for Phillips Ltd as at 30th September 2005