Willard Industries Plc$.$ Trial Balance as at December $31,2023,$ is shown below:

$000000$

Revenue $2,290,125$

Administrative expenses $237,150$

Selling and Distribution expenses $175,200$

Legal and Professional expenses $81,150$

Allowance for receivables $-31/12/238,625$

Inventories $$ finished goods $-31/12/22276,750$

Work in Progress $31/12/2249,125$

Inventories $$ Raw materials at cost $31/12/22162,600$

Purchases $$ Raw materials $1,125,900$

Carriage inwards $$ raw materials $15,750$

Manufacturing Overhead $187,500$

Manufacturing wages $375,000$

Authorised and issued $900,000$ Ordinary Shares of $0\mathrm{.}50$ each Fully paid $450,000$

$150,0008\mathrm{.}4\%$ cumulative preference shares of $1$ each fully paid $150,000$

Revaluation surplus $65,000$

Share premium $150,000$

General reserve $85,000$

Retained earnings $31/12/22425,250$

Patents and trademarks $323,250$

Freehold property at cost $375,000$

Leasehold property at cost $112,500$

Amortisation of leasehold property $31/12/2222,500$

Plant & Equipment at cost $225,000$

Accumulated depreciation $$plant and equipment$-31/12/22102,750$

Furniture & Fittings at Cost $75,000$

Accumulated depreciation $$ Furniture & Fittings $31/12/2223,625$

Motor Vehicles at cost $112,500$

Accumulated depreciation $$ Motor Vehicles $31/12/2237,500$

$10\%$ loan notes $150,000$

Trade payables $146,250$

Trade receivables $266,445$

Bank Overdraft $76,875$

Cash $7,680$

$4,183,5004,183,500$

$($i$)$ A gain of $20,000$ made on the revaluation of an existing old freehold property during the year is yet to be accounted for.

$($ii$)$ Inventory at December $31,2023,$ were:

$$

Raw Materials $168,900$

Finished Goods $413,625$

Work in Progress $56,700$

$($iii$)$ Legal and professional expenses include Solicitor$$s fees for the purchase of new freehold land during the year $7,500$

$($iv$)$ Provision is to be made for the full years interest on the loan notes

$($v$)$ The leasehold land and buildings are held on $50$ years lease with $40$ years unexpired life left as at the end of December $31,2022$

$($vi$)$ Depreciation for the year is to be charged as follows:

$-$ Plant and equipment $8\%$ on cost $$ Charged to production

$-$ Furniture and fittings $10\%$ on cost $$ charged to administration

$-$ Motor Vehicles $20\%$ on reducing balance $$ Charged $25\%$ to administration and $75\%$ to selling and distribution

$($vii$)$ Corporate income tax on the profit for the year is estimated at $68,900$ and is due for payment on February $28,2023$

$($viii$)$ A dividend of $2\mathrm{.}25$ pence per ordinary share capital is recommended for payment by the directors.

$($ix$)$ No dividend was paid in the previous financial year.