On 31 December 20X3, the trial balance of Joytoys showed the following chart of accounts and balances:

Additional information
1 The inventory at 31 December 20X3 was valued at £19,500.
2 The bank loan is repayable in five years' time.
Required
Prepare a statement of profit and loss for the year ended 31 December 20X3 and a statement of financial position at that date (publishable format).

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Debit Credit Bonk Capital Bank loan Inventory Purchases Soles revenue Rent, rates and insurance Plant and machinery at cost Office furniture ond fittings ot cost Discount allowed Bank interest Discount received Wages and salories ight and heat Drowings Returns outwords Returns inwards Trade payables Trade receivables 500 75,000 22,000 12,000 108,000 167,000 5,000 0,000 24,000 1,600 400 3,000 13,000 9,000 10,000 4,000 16,000 287,000 287,000 1,000 22,500