Red Devils Ltd has the following extracts from its accounts.

1. An audit fee is to be provided of £7,500.

2. The debenture interest for the year has not been paid.

3. The directors propose to transfer £3,500 to the general reserve 4. Corporation tax of £17,440 is to be provided on the profit for the year.

Required:

Prepare for internal management purposes:

(a) The statement of comprehensive income and retained earnings (income statement) for the year ended 30 November 2012.

(b) The statement of financial position as at 30 November 2012.

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Red Devils Ltd Trial Balance as at 30 November 2012 Gross profit for year 150,000 7% Debentures 200,000 6% Preference share capital (150,000 authorised) 150,000 1 Ordinary share capital (400,000 authorised) 250,000 Share premium account 55,000 Property, plant and equipment 680,900 Ordinary dividends 25,000 Preference dividends General expenses Directors' fees 9,000 22,100 19,200 Trade receivables 4,700 Trade payables 46,200 Bank 5,300 Retained earnings as at 1 December 2011 9,000 General reserve as at 1 December 2011 11,000 Inventories as at 30 November 2012 105,000 871,200 871,200