You are to draw up a trading and profit and loss account for the year ending 31 December 20X2, and a balance sheet as at that date from the following trial balance and details of Partido Ltd:

Notes at 31 December 20X2:

(i) Stock £317,426.

(ii) Business rates owing £1,700; Office expenses owing £245.

(iii) Dividend of 15 per cent proposed.

(iv) Transfers to reserves: General £70,000; Foreign exchange £30,000.

(v) Depreciation on cost: Buildings 5 per cent; Equipment 15 per cent.

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Bank Debtors Creditors Stock at 31 December 20X1 Buildings at cost Equipment at cost Profit and loss account as at 31 December 20X1 General reserve Foreign exchange reserve Authorised and issued share capital Purchases Sales Carriage inwards Carriage outwards Salaries Business rates Office expenses Sundry expenses Provisions for depreciation at 31 December 20X1: Buildings Equipment Directors' remuneration Dr £ 8,100 321,219 290,114 800,000 320,000 810,613 2,390 13,410 384,500 14,800 9,100 2,360 119,200 3,095,806 Cr £ 237,516 136,204 120,000 20,000 800,000 1,606,086 80,000 96,000 3,095,806