From the following trial balance produce an income statement for the year ended 31 March 2020 and
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From the following trial balance produce an income statement for the year ended 31 March 2020 and a balance sheet as at that date.
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Trial balance as at 31 March 2020 Sales Purchases Opening inventory Business premises Fixtures and fittings Trade receivables Trade payables Returns inwards Returns outwards Rent and insurance Office expenses Salaries Heating and lighting Loan repayable in 2025 Capital Drawings Bank L Blackmore 45,342 5,341 195,000 27,900 8,768 434 6,451 4.990 19,090 1,721 23,430 9,808 347,175 As at 31 March 2020, inventory was valued at 6, 101. 75,543 10,641 991 165,000 95,000 347,175
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