Part 8 Partnership accounts and company accounts566Trial balance as at 28 February 2020 (continued):General reserveBad debt expenseShare premiumAllowance for doubtful debts at 1 March 2019Issued ordinary share capitalRent receivedDirectors' remunerationRetained profits at 1 March 2019Plant & equipment:Motor vehicles:Inventory as at 1 August 2019Wages & salariesAccounts payableReturns outwardsRentUtilitiesPurchasesAccounts receivableSalesAdditional information:(i) The inventory was counted at 28 February 2020 and was valued at a cost of £44,201.(ii) Depreciation is to be charged at the following annual rates:(reducing balance)(straight-line)15%20%(iii) The amount shown for rent on the trial balance includes a payment of £6,120 which representstwelve months' rent to 31 October 2020.(iv)(v) The allowance for doubtful debts is to be changed to 5% of accounts receivable.(vi)The loan note interest is paid in two annual instalments and the second instalment needs to beprovided for.(vii) The corporation tax charge on the profit for the year is estimated to be £40,000.(viii) The directors wish to transfer £7,000 to general reserve.Machinery:Vans:at costat costMachinery: accumulated depreciation at 1 August 2019accumulated depreciation at 1 August 2019Motor expenses incurred for which no invoices have yet been received amount to a total of£5,661.Vans:Dividends paidCash at bankDr£7% loan notes 2025-2027Loan note interest paidGeneral reserve24,310Required:Prepare an income statement for the year ended 28 February 2020 as well as a balance sheet as atthat date. Both statements should adopt an 'internal use' format.Bad debt expenseShare premium78,89036.11A The following information concerns Hurmey plc in relation to its year ended 31 July 2020:Trial balance as at 31 July 2020:DrCr££Trial balance as at 31 July 2020 (continued):1,727,499Allowance for doubtful debts at 1 August 2019Premises: at costPremises: accumulated depreciation at 1 August 2019Ordinary shares of 50p each4% preference shares of £1 eachCommissions receivedDirectors' remunerationRetained profits at 1 August 201953,010113,85619,75720,479523,735105,600465,840278,58051,4402,4356,12525,174Cr£22,600Drf658,60046,0004,09362,0007,07091,080188,5751,727,4992,415,711Additional information:(i) The inventory was counted at 31 July 2020 and was valued at a cost of £53,661.(ii) Depreciation needs to be charged at the following rates per year:(straight-line)(straight-line)(viii) The corporation tax charge on this year's profit is estimated to be £33,000.(ix) The directors want to transfer £8,000 to general reserve.85,8102,928Chapter 36 Company accounts1,138,555105,12063,900175,00034,10077,000Cr£4,237171,23667,00054,0007,958428,8672,415,711Premises:2%20%Machinery:Vans:(reducing balance)30%(iii) The amount shown for rent on the trial balance includes a payment of £8,100 which representstwelve months' rent to 30 November 2020.(iv) Utilities charges incurred for which no invoices have yet been received amount to a total of£6,757.(v) The audit fee has been agreed at £18,000 and this needs to be provided for.(vi) The allowance for doubtful debts is to be set at 5% of accounts receivable.(vii) The interest on the loan notes is paid in two instalments each year, and the second instalmentneeds to be accrued.Required:An income statement for the year ended 31 July 2020 and a balance sheet as at that date, both in aninternal use format (not for publication).36.12 The trading section of the income statement for Brogia Ltd for the year ended 30 April 2019has been completed. It showed a gross profit of £171,360.The following balances remained in the books of are sunt of Praciadat April 2019:

Financial statements are prepared at the end of the accounting period, to determine the performance…

36.11A The following information concerns Hurmey plc in relation to its year ended 31 July 2020: Trial balance as at 31 July 2020: Dr Cr £ £ Inventory as at 1 August 2019 Wages & salaries. Accounts payable Returns outwards Rent Utilities Purchases Accounts receivable Sales Machinery: Vans: Machinery: Vans: Dividends paid Cash at bank 7% loan notes 2025-2027 Loan note interest paid General reserve at cost at cost accumulated depreciation at 1 August 2019 accumulated depreciation at 1 August 2019 Bad debt expense Share premium Trial baland as at 31 July 2020 (continued): Allowance for doubtful debts at 1 August 2019 Premises: at cost Premises: accumulated depreciation at 1 August 2019 Ordinary shares of 50p each 4% preference shares of £1 each Commissions received Directors' remuneration Retained profits at 1 August 2019 53,010 113,856 19,757 20,479 523,735 105,600 465,840 278,580 51,440 2,435 6,125 25,174 Dr £ 658,600 91,080 2,415,711 Chapter 36 Company accounts 2% 20% 30% 85,810 2,928 1,138,555 (v) The audit fee has been agreed at £18,000 and this needs to be provided for. (vi) The allowance for doubtful debts is to be set at 5% of accounts receivable. 105,120 63,900 (viii) The corporation tax charge on this year's profit is estimated to be £33,000. (ix) The directors want to transfer £8,000 to general reserve. 175,000 34,100 77,000 Cr £ 4,237 Additional information: (i) The inventory was counted at 31 July 2020 and was valued at a cost of £53,661. (ii) Depreciation needs to be charged at the following rates per year: Premises: Machinery: Vans: (straight-line) (straight-line) (reducing balance) (iii) The amount shown for rent on the trial balance includes a payment of £8,100 which represents twelve months' rent to 30 November 2020. 171,236 67,000 54,000 7,958 428,867 2,415,711 (iv) Utilities charges incurred for which no invoices have yet been received amount to a total of £6,757. (vii) The interest on the loan notes is paid in two instalments each year, and the second instalment needs to be accrued. Required: An income statement for the year ended 31 July 2020 and a balance sheet as at that date, both in an internal use format (not for publication).