Dale has been in business for some years. The following is his trial balance at 31 October

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Dale has been in business for some years. The following is his trial balance at 31 October 2020:

Additional information (not taken into account when compiling the above trial balance):
1. Inventory at 31 October 2020: £26 000.
2. Amount owing for electricity at 31 October 2020: £1500.

3. At 31 October 2020, £2000 had been paid in advance for rates.
4. Depreciation is to be charged on the office equipment for the year to 31 October 2020 at a rate of 20 percent on cost and on the vehicles at a rate of 25 percent on cost.


Required:
Prepare Dale’s statement of profit or loss and statement of retained earnings for the year to 31 October 2020 and a statement of financial position as at that date.

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