The following list of balances was extracted from the books of Middlesex Ltd at

31 December 2009.

Trade creditors 75,000

Debtors 100,000

Overdraft 30,000

Debenture interest 2,000

Administrative expenses 47,000

Selling & distribution expenses 10,000

5% debentures 60,000

Freehold land & buildings at cost 200,000

Fixtures & fittings at cost 150,000

Motor vehicles at cost 200,000

Accumulated depreciation at 1 Jan 2009:

- Fixtures & fittings 30,000

- Motor vehicles 60,000

Opening stock at 1 January 2009 125,000

Purchases 185,000

Sales 375,000

Share capital 160,000

Revaluation reserve 35,000

Provision for doubtful debts at 1 Jan 2009 7,000

Profit & loss account at 1 January 2009 187,000

You are also provided with additional information relating to the financial year

end:

(i) Closing stock at 31 December 2009 is valued at 175,000.

(ii) Included in the figure for administrative expenses is 18,000, being an

advance payment for twelve months' rent from 31 August 2009.

(iii) Depreciation is to be charged as follows:

(a) Fixtures and fittings: 20 per cent straight line.

(b) Motor vehicles: 30 per cent reducing balance.

(iv) Provision for doubtful debts should be increased and made equal to 10 per

cent of outstanding debtors.

(v) During the year the company engaged computer consultants at a cost of

15,000. Their bill has not yet been paid but must be provided for.

(vi) It is expected that the accountancy fees for 2009 will amount to 12,000.

You are required to prepare the profit and loss account and balance sheet for

31 December 2009.

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