*23.6 A company's income statement for the year to 31 March 2017 is as follows:

£ £

Gross trading profit 383,870 Receivable from other UK companies;

Dividends 4,000 Debenture interest (Note 1) 6,000 Bank interest receivable (Note 2) 2,600 Income from property (Note 3) 4,000 Profit on sale of investments (Note 4) 22,490 422,960 Less:

Distribution costs (all allowable) 97,500 Administrative expenses (all allowable) 101,150 Directors' fees 50,000 Interest on bank overdraft 23,780 Debenture interest payable (Notes 5, 8) 50,000 Patent royalties payable (Notes 6, 8) 7,500 Depreciation oftangible fixed assets 108,300 438,230 Net loss for the year (15,270)

Notes: