From the following information, prepare a manufacturing account and statement of profit or loss for the year ending 31 December 2016 and a statement of financial position as at 31 December 2016 for J. Jones Limited.

Make provision for the following:
(1) Inventory in hand at 31 December 2016:
Raw materials £25,000 Work-in-progress £11,000 Finished goods £26,000.

(2)Depreciation of 10% on plant and machinery using the straight line method.
(3)80% of fuel and light and 75% of rent and rates to be charged to manufacturing.
(4)Allowance for doubtful debts: 5% of sundry accounts receivable.
(5)£4,000 outstanding for fuel and light.
(6)Rent and business rates paid in advance: £5,000.
(7)Market value of finished goods: £382,000.

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f Purchase of raw materials 258,000 Fuel and light 21,000 Administration salaries 17,000 Factory wages 59,000 Carriage outwards 4,000 Rent and business rates 21,000 Sales 482,000 Returns inward 7,000 General office expenses 9,000 Repairs to plant and machinery 9,000 Inventory at 1 January 2016: Raw materials 21,000 Work-in-progress 14,000 Finished goods 23,000 Sundry accounts payable 37,000 Capital account 457,000 Freehold premises 410,000 Plant and machinery 80,000 Accounts receivable 20,000 Accumulated provision for depreciation on plant and machinery 8,000 Cost in hand 11,000 984,000 984,000