Z Ltd purchased a retail store and commenced business on April 1. From the following information, you are required to prepare in as much details as possible, a trading and profit and loss account for...

Z Ltd purchased a retail store and commenced business on April 1. From the following information, you are required to prepare in as much details as possible, a trading and profit and loss account for the current year ended March 31 and a balance sheet as at the date.

The current assets consist of stocks (which are unchanged throughout the year), debtors and cash. Stocks are turned over four times during the year. The current liabilities consist only of creditors.