Using your answer to question 9.27, prepare an income statement for B Mac Saville for the year ended 31 March 2022.

Question 9.27

From the trial balance of B Mac Saville shown in figure 9.27, prepare the general journals to close the accounts for the year ended 31 March 2022, post the journals to the general ledger and prepare a trial balance. The solution to this question is used for the preparation of an income statement in question 9.31.

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Trial Balance of B Mac Saville as at 31 March 2022 Bank Accounts Receivable Control Inventory [opening] GST Receivable Plant and Equipment Accounts Payable Control GST Payable Capital Drawings Sales Discount Received Bad Debts Recovered Purchases Freight Inwards Sales Salaries Freight Outwards Office Salaries Insurance Photocopying Stationery Postage Bank Charges Discount Allowed Inventory [31-3-2022) $2640 8 358 12 386 2349 866 20 790 3 298 35 208 757 8 194 958 5113 576 331 294 180 95 366 100 119 4092 1767 22 323 70 679 423 835 100 119