Tycho Ltd is a private limited company. The trial balance for the year ended 31st March 2011 given as below:

Dr Cr Ordinary shares of £1 each 50000 Land and building 141000 Motor vehicles 15200 Plant and machinery 28900 Stock at 1st April 2010 38600 Debtors 31900 Prepayments 4200 Bank overdraft 5100 Petty cash 200 Creditors 28300 Outstanding expenses 5600 Long term bank loan 50000 Sales 304700 Purchase 221500 Operating expenses 52700 Interest paid 5000 Dividend paid 1500 Share premium 25000 Retained earnings 72000 538200 538200 Closing inventory: £42100. Corporation tax : £12500. Prepare income statement and statement of financial position.

Answer rating: 100% (QA)

Income Statement for Tycho Ltd for the Year Ended 31st March 2011 Income and Expenses Sales 304700 C... View the full answer