The following trial balance was extracted for Smithson plc as at 31 December 2017:

Additional information:
1 Inventory at 31 Dec 2017: £12,123 2 Tax charge for the year: £2,123 3 Depreciation is to be provided for as follows:
Property: 2% on cost Plant and equipment: 10% on cost.
From the above data, construct the financial statements for Smithson plc.

Transcribed Image Text:

Smithson plc Trial balance as at 31 Dec 2017 Issued ordinary share capital (50p shares) Retained earnings Property Plant and equipment Sales revenue Purchases Inventory as at 1 January 2017 Distribution costs Administration costs 200,000 36,534 190,000 65,000 99,043 56,456 11,221 8,750 5,784 Directors' remuneration 6,456 Trade receivables and payables 9,997 5,344 Cash and cash equivalents 4,242 Provision for depreciation on property 18,000 Provision for depreciation on plant and equipment 8,855 Dividends paid 9,870 367,776 367,776