Jock is a clothing retailer. At 31 December 20X2 he asks you to prepare his final financial statements from very incomplete records. You were able to extract the following information from the limited records that were available.

Accruals and prepayments
In addition to the above Jock extracted the following invoices, which need to be adjusted for.
Rates
Invoice date .............. Period converging ............... Amount paid
..................................................................................................... £
30/03/X1 .................. 01/04/X1-31/03/X2 ................... £800
20/03/X2 ................. 01/04/X2-31/03/X3 .................... £880
Electricity
Electricity bills are paid for in arrears. The quarters are end of February, May, August and November. The bill paid on 15 March 20X2 was £315. It is expected that the February 20X3 bill will be 20 per cent higher than last year's bill.
Jock records cash received and paid, except for his own drawings. Jock's cash transactions for the year are as follows:
Payments by cash ............................................. £
Wages .................................................................. 25,560
General expenses .................................................. 1,350
Goods for resale ................................................... 10,352
Receipts by cash ........................................................... £
Cash received from credit customers ...................... 185,650
Sale of motor car ............................................................ 750
Paid into bank
Cheques and cash .................................................. 123,704
Jock always paid credit suppliers in sufficient time to avail of a cash discount of 5 per cent. A summary of the cheque payments are as follows:
Payments by cheque ....................................................... £
Fixtures and fittings .............................................. 15,654
Rent and rates ......................................................... 5,625
Trade suppliers (credit) ........................................ 86,500
Heat and light ........................................................ 3,215
Personal expenditure ............................................. 3,560
New car .................................................................. 1,800
Jock did not keep record of his own personal cash takings.
Required
a. Prepare an opening statement of financial position for Jock as at 1 January 20X2.
b. Prepare the sales, purchases, bank, cash, accruals, prepayments (with corresponding expense accounts) and non-current asset adjustment accounts.
c. Draft a statement of profit and loss for the year ended 31 December 20X2 and a statement of financial position at that date?

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31/12/X1 31/12/x2 9,900 9,64 Fixtures and fittings (valued) Motor vehicle Building Trade receivables Trade payables Cash in hand Cash at bank Rent accrual Cash received in settlement of fire claim for goods (cost £1,050) lost by fire 1,000 1,500 25,000 24,500 39,050 34,255 4,500 7.435 9,995 925 2,350 9,500 6,850 2,500 500 1,050