Paula’s business expenses for 31 October 20X1 are summarised as follows:

Apart from the electricity, Paolo’s records show the following items of sales and expenses for the year:

£

Discounts allowed to customers 88 Travelling expenses 3914 Sales 118 242 Opening stock at 1 April 20X5 5 918 Cost of printing 17 291 Telephone 1 671 Mobile phone call charges 419 Purchases 43 947 Discounts received from suppliers 133 Accountancy and tax advice 800 Office sundry expenses 977 Marketing 2 663 Interest received 204 Purchases returns L74 Closing stock at 31 March 20X6 4 261 Prepare Paolo’s profit and loss account for the year ending 31 March 20X6.