You are presented with the following information relating to Plott plc for the year to 31 March 20X1:

Additional information:

1. The above information has been obtained after the compilation of the company’s profit and loss account for the year to 31 March 20X1.

2. Details of fixed assets for the year to 31 March 20X1 are as follows:

3. The market value of the fixed asset investments at 31 March 20X1 was £110,000. There were no purchases or sales of fixed asset investments during the year.

4. Stocks comprise finished goods. The replacement cost of these goods is similar to the value indicated in the balance sheet.

5. Assume that the basic rate of income tax is 25 per cent.

6. The authorised share capital of the company consists of 2,500,000 ordinary shares of £1 each.

Required:

In so far as the information permits, prepare Plott plc’s balance sheet as at 31 March 20X1 in accordance with the minimum requirements of the Companies Act 1985 and related accounting standards.

Notes:

1. Where appropriate, formal notes must be attached to your balance sheet; and

2. Detailed working should be submitted with your answer.

Transcribed Image Text:

Bank overdraft Called-up share capital (issued and fully paid) Corporation tax (based on the profit for the year to 31 March 20X1) Creditors Debtors Deferred taxation (credit) Fixed assets: at cost accumulated depreciation (at 31 March 20X1) Fixed asset investments: at cost Profit and loss account (at 1 April 20X0: credit) Proposed dividend Retained profit (for the year to 31 March 20X1) Share premium account Stocks: at cost (at 31 March 20X1) Trade creditors Trade debtors £000 500 2,100 900 300 200 80 3,800 1,400 100 1,200 420 585 315 400 2,000 5,300