The following balances have been extracted from the books of Mitchell plc on 31 July 20X2. From them draw up (i) a detailed trading and profit and loss account for internal use, for the year ended 31 July 20X2, also (ii) a profit and loss account for publication for the year to that date.

Notes:

(a) Stock at 31 July 20X2 £303,000.

(b) The hire of plant and machinery is to be apportioned: productive £12,000, administrative £2,000.

(c) Rent and business rates to be apportioned: distribution 3/4, administrative 1/4.

(d) Motors are to be depreciated at 33¹/3 per cent on cost; plant and machinery to be depreciated at 10 per cent on cost.

(e) Auditors’ remuneration of £15,000 to be accrued.

(f) Corporation tax on profit from ordinary activities for the year is estimated at £29,000, excluding tax on disposal of investments.

(g) Transfer £50,000 to general reserve.

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Purchases Sales Returns inwards Returns outwards Carriage inwards Wages - productive Discounts allowed Discounts received Stock 31 July 20X1 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor expenses: Administrative General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Profit and loss account: 31 July 20X1 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Administrative £ 1,310,000 1,790,000 29,000 57,000 10,000 109,000 11,000 15,000 317,000 41,000 62,000 26,000 8,000 7,000 6,000 17,000 35,000 141,000 19,000 3,000 14,000 45,000 18,000