Assume that you are working as an Accounts Officer for 1 year and now at the end of financial year 2018. The Management of Alpine Limited want to asses the 5 financial perfomance during the year ended June 30, 2018 and have asked you to prepare Profit & Loss and the Balance Sheet for the year then ended. You cme 6 across the following information after the examination of the following records Trial Balance As at 30 June 2018 Sales Stock 1 July 2017 Purchases Manufacturing expenses Selling and marketing expenses Administrative expenses Factory building costat 1 July 2017 Machines -costat 1 July 2017 Factory building - accumulated depreciation at 1 July 2017 Machines accumulated depreciation at 10U 2017 Advance income tak Debtors Cash and bank Creditors Share Capital Retained earnings 2017 GBP GBP E 737 000 75,000 301 000 240,000 29,000 51000 200,000 280,000 50 000 87.000 4.000 117 000 51.000 83 000 200 000 90 000 1.347 0001 347 000 4,000 117 000 51,000 Advance income tax Debtors Cash and bank Creditors Share Capital Retained earnings 1 July 2017 83.000 300,000 90.000 1,347000 1,347,000 Depreciation on factory building and machines are provided on reducing balance method @10% and 15% per annum respectively. 60% depreciation on factory building and 100% depreciation on machines are charged to cost of sales. The balance depreciation is charged to administrative expenses On 31 May 2018, a fully depreciated machine was sold for 3.000, The sale proceeds were received on 5 July 2018. No entries have been made in respect of these transactions. Debtors include an amount E 28,000 owed by a customer who experienced cash flow problems prior to the year end. The company has agreed to accept 18,000 in full and final settlement of the debt. Four other debtors aggregating 5,000 are required to be written off Income tax liabiltry for the year ended 30 June 2018 is estimated ar 25 000 On 20 June 2018 an advance of E 12,000 was received under a contract for supply of goods in August 2018 The advance was credited to sales Transaction Page