From the following trial balance and attached notes, prepare an income statement for the year ended 31
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From the following trial balance and attached notes, prepare an income statement for the year ended 31 December 2008 and a balance sheet as at that date.
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Patrick Cooper Trial balance as at 31 December 2008 Dr Cr Revenue 289,512 Purchases 132,950 Opening inventory 5,620 Discount allowed 200 Bank interest 950 Wages and salaries 39,540 Drawings 22,000 Administration expenses 55,500 Capital at 1 January 2008 16,268 Receivables 6,300 Payables 5,210 Provision for doubtful debts 300 Bad debts written off 250 Selling expenses 37,790 Equipment at cost 14,000 Depreciation on equipment at 1 January 2008 2,350 Bank overdraft 1,600 Cash in hand 140 315,240 315,240
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