The following balances have been extracted from the books of Mitchell plc on 31 July 2016. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 July 2016, also (ii) a statement of profit or loss for publication for the year to that date.

(a) Inventory at 31 July 2016 £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 33 1/3% on cost; plant and machinery to be depreciated at 10% 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 Revenue Returns inwards Returns outwards Carriage inwards Wages - productive Discounts allowed Discounts received Inventory 31 July 2015 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 Retained profits 31 July 2015 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Administrative Plant and machinery: Distribution Loan-note interest payable Income from shares in group entities Income from associates and joint ventures Preference dividend paid Profit on disposal of investments Tax on profit on disposal of investments Ordinary dividend paid 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 13,000 7,000 8,000 5,000 20,000 14,000 3,000 110,000