Woven plc is a manufacturer of blankets and rugs, based in Yorkshire. It has extracted the...

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Woven plc is a manufacturer of blankets and rugs, based in Yorkshire. It has extracted the following trial balance from its accounting records as at 31 March 2023. Land and buildings at cost Machinery at cost Land and buildings accumulated depreciation at 1 April 2022 Plant and machinery accumulated depreciation at 1 April 2022 Inventories at 1 April 2022 Receivables Cash and cash equivalents 4% Debentures Payables Revenue Purchases Administrative expenses Distribution costs Debenture interest Paid Dividends paid Ordinary £1 shares Share premium Retained earnings at 1 April 2022 Additional notes: i. ii. iii. iv. V. vi. £ 2,070,000 1,800,000 92,440 65,300 1,090,000 450,500 24,400 4,000 44,000 5,640,640 £ 760,000 410,000 24,900 150,000 86,600 2,270,000 1,500,000 250,000 189,140 5,640,640 Inventory at 31 March 2023 is valued at £84,900. The debentures were purchased 1 January 2020 and are repayable in 2025. Blanket Store Ltd, a major customer of Woven plc, became insolvent during the year and is unable to pay Woven the £12,000 owing. This has not been accounted for and all bad debts are to be treated as administrative expenses. The company wants to make a 5% doubtful debt provision. At 31 March 2023, land cost £800,000. Depreciation on buildings is calculated at 5% straight line basis and is treated as an administrative expense. Depreciation on plant and machinery is at 10% reducing balance basis. It is to be included in cost of sales. The tax liability for the year is estimated at £75,000 Required A Statement of Profit or Loss for the year to 31 March 2023. A Statement of Financial Position as at 31 March 2023. Woven plc is a manufacturer of blankets and rugs, based in Yorkshire. It has extracted the following trial balance from its accounting records as at 31 March 2023. Land and buildings at cost Machinery at cost Land and buildings accumulated depreciation at 1 April 2022 Plant and machinery accumulated depreciation at 1 April 2022 Inventories at 1 April 2022 Receivables Cash and cash equivalents 4% Debentures Payables Revenue Purchases Administrative expenses Distribution costs Debenture interest Paid Dividends paid Ordinary £1 shares Share premium Retained earnings at 1 April 2022 Additional notes: i. ii. iii. iv. V. vi. £ 2,070,000 1,800,000 92,440 65,300 1,090,000 450,500 24,400 4,000 44,000 5,640,640 £ 760,000 410,000 24,900 150,000 86,600 2,270,000 1,500,000 250,000 189,140 5,640,640 Inventory at 31 March 2023 is valued at £84,900. The debentures were purchased 1 January 2020 and are repayable in 2025. Blanket Store Ltd, a major customer of Woven plc, became insolvent during the year and is unable to pay Woven the £12,000 owing. This has not been accounted for and all bad debts are to be treated as administrative expenses. The company wants to make a 5% doubtful debt provision. At 31 March 2023, land cost £800,000. Depreciation on buildings is calculated at 5% straight line basis and is treated as an administrative expense. Depreciation on plant and machinery is at 10% reducing balance basis. It is to be included in cost of sales. The tax liability for the year is estimated at £75,000 Required A Statement of Profit or Loss for the year to 31 March 2023. A Statement of Financial Position as at 31 March 2023.

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To prepare the requested financial statements well start with the Statement of Profit or Loss also k... View the full answer