7 The following payments were also made in the year:

(a) Delivery van expenses $10,000

(b) Administration expenses $15,000

(c) Wages $70,000 (including $3,000 a month for James Golding)

(d) Loan interest paid $2,000

(e) Rates—$3,000 paid on 1 October and $3,600 on 1 April, six months in advance in both cases.

8 Cash received from debtors amounted to $290,000.

9 Creditors for goods supplied (at 31 May 2018) amounted to $110,000.

10 Inventory on hand at 31 May 2018 amounted to $100,000.

11 An electricity bill of $3,000—covering the three months to 30 April—was unpaid; electricity is included as part of administration.

12 Depreciation is to be taken at 20% on the written-down value of vehicles held at the end of the financial year.