Pete has extracted the following trial balance from his books of account as at 31 May 2005:

Required:
Prepare Pete’s trading and profit and loss account for the year to 31 May 2005 and a balance sheet as at that date.

Transcribed Image Text:

Dr Cr 000 000 Bank 15 Building society account 100 Capital (as at 1 June 2004) 200 Cash 2 Heat, light and fuel 18 Insurances 10 Interest received 1 200 Land and property (at cost) Long-term loan Long-term loan interest paid Motor vehicles (at cost). Motor vehicle expenses Plant and equipment (at cost) Property maintenance 50 50 8 90 12 100 7 Purchases 300 Repairs to machinery 4 Rent and rates 65 Sales 900 Wages and salaries 250 1166 1166