The following trial balance has been extracted from Carol Ltd as at 30 April 2020:

Additional information:
1. Inventory at 30 April 2020 was valued at £140,000.
2. Depreciation for the year of £28,000 is to be provided on buildings and £9000 for motor vehicles.
3. An accrual of £6000 is required for the auditors’ remuneration.
4. £2000 had been paid in advance for renewals.
5. Corporation tax owing at 30 April 2020 is estimated to be £60,000.
6. The directors proposed an ordinary dividend of 10p per share after the year end.
7. The market value of the investments at 30 April 2020 was £35,000.

Required:
Prepare Carol Ltd’s trading and statement of profit or loss and statement of retained earnings for the year to 30 April 2020 and a statement of financial position as at that date.

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Advertising Bank overdraft Bank interest paid Payables Receivables Directors' remuneration Freehold land and buildings: At cost Accumulated depreciation at 1.5.20 General expenses Investments at cost Investment income Motor vehicles: At cost Accumulated depreciation (at 1.5.20) Preference dividend paid Preference shares (cumulative 10% shares of £1 each) Retained Earnings (at 1.5.20) Purchases Repairs and renewals Dr £ 2000 4000 143000 30000 800000 15000 30000 36000 15000 480000 4000 Cr £ 20000 80000 102000 5000 18000 150000 100000