The following details concern Oshada plc in connection with its financial year ended 31 March 2024:

Note the following additional information:
(i) Inventory at the year end was counted and valued at a cost of £38,319.
(ii) Depreciation is to be charged at the following annual rates:

(iii) The amount shown for insurance on the trial balance includes a payment of £10,020, which represents twelve months’ insurance to 31 January 2025.
(iv) The cost of electricity used before the end of the financial year for which no invoices have yet been received amounts to a total of £6,805.
(v) On the basis of a thorough analysis of the company’s experience with credit sales, the allowance for doubtful debts is to be revised to 6% of trade receivables.
(vi) Interest on the loan notes is paid in two instalments each year, and the second instalment has not yet been paid.
(vii) The corporation tax charge on this year’s profit is estimated to be £12,000.

Required:
Produce an income statement for Oshada plc for its year ended 31 March 2024 and a balance sheet as at that date, in both:

(a) an ‘internal use’ format; and

(b) an ‘external use’ format (i.e. suitable for publication).

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Trial balance as at 31 March 2024: 4% loan notes 2034-2036 Allowance for doubtful debts at 1 April 2023 Bad debt expense Carriage inwards Cash at bank Directors' remuneration Dividends paid Electricity General operating expenses Inventory as at 1 April 2023 Loan note interest paid Machinery Machinery: accumulated depreciation at 1 April 2023 Motor vehicles Motor vehicles: accumulated depreciation at 1 April 2023 Ordinary share capital Purchases Insurance Retained earnings at 1 April 2023 Sales Share premium account Trade payables Trade receivables Debit 26,110 1,960 2,091 26,085 18,060 22,256 85,200 37,045 1,140 467,460 281,580 371,781 25,003 87,600 1,453,371 Credit 57,000 4,393 97,920 65,940 88,000 251,102 774,544 59,000 55,472 1,453,371