The following trial balance has been extracted from the books of Stephanie Hood Ltd on 30 April 20*8.

Additional information

The directors recommend:

■ A transfer to general reserve £50,000
■ A final ordinary dividend £26,000 be provided
■ A final preference dividend be provided
■ Provision for corporation tax £58,196 be made.

Required

a) Prepare an extract from the income statement for the year ended 30 April 20*8.
b) Prepare a summarised balance sheet at 30 April 20*8.

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Net profit for the year before tax Issued share capital share capital Ordinary shares of £1 each fully paid 6% preference shares of £1 each fully paid General reserve Retained earnings Non-current assets at cost Provision for depreciation of non current assets Inventories 30 April 20*8 Trade receivables Trade payables Bank Interim dividends paid ordinary shares preference shares Dr £ 950,000 143,461 21,380 34,802 12,000 3,000 1,164,643 Cr £ 267,432 400,000 100,000 70,000 80,000 230,000 17,211 1,164,643