From the following trial balance produce an income statement for the year ended 31 March 2020 and a balance sheet as at that date.
L Blackmore Trial balance as at 31 March 2020
|
£ |
£ |
|
|
Sales |
75,543 |
|
|
Purchases |
45,342 |
|
|
Opening inventory |
5,341 |
|
|
Business premises |
195,000 |
|
|
Fixtures and fittings |
27,800 |
|
|
Trade receivables |
8,768 |
|
|
Trade payables |
10,641 |
|
|
Returns inwards |
434 |
|
|
Returns outwards |
991 |
|
|
Rent and insurance |
6,451 |
|
|
Office expenses |
4,990 |
|
|
Salaries |
18,090 |
|
|
Heating and lighting |
1,721 |
|
|
Loan repayable in 2025 |
165,000 |
|
|
Capital |
95,000 |
|
|
Drawings |
23,430 |
|
|
Bank |
9,808 |
|
|
347175 |
347,175 |
As at 31 March 2020, inventory was valued at £6,101.