From the following trial balance and additional information construct an income statement for the year ended 31 July 2023 and a balance sheet as at that date.

Additional information:
1. Inventory as at 31 July 2023 is valued at £19,800.
2. Depreciation is to be provided on cost at the following rates:

a. Property 2%

b. Machinery 20%.
3. Wages still owing as at 31 July 2023 were £2,400.
4. Maintenance prepaid as at 31 July 2023 was £450.
5. The allowance for doubtful debts is to be maintained at 4% of trade receivables.

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K Atkinson Trial balance as at 31 July 2023 Dr Cr Sales 168,000 Purchases 75,000 Opening inventory 11,000 Property 200,000 Machinery 28,000 Trade receivables 7,850 Trade payables 5,670 General expenses 5,400 Maintenance expenses 8,900 Wages 35,000 Office expenses 5,470 Provision for depreciation on property Provision for depreciation on machinery Allowance for doubtful debts 5,500 11,000 250 Capital Drawings Bank 148,000 17,500 4,300 Loan 60,000 398,420 398,420