B Barnes is a dealer who has not kept proper books of account. At 31 October 2003 his state of affairs was as follows:

During the year to 31 October 2004 his drawings amounted to £32,200. Winnings from the Lottery of £7,600 were put into the business. Extra fixtures were bought for £900.
At 31 October 2004 his assets and liabilities were: Cash £190; Bank overdraft £1,810; Stock £23,900; Creditors for goods £9,100; Creditors for expenses £320; Fixtures to be depreciated £370;
Van to be valued at £5,440; Debtors £29,400; Prepaid expenses £460.
Draw up a statement showing the profit or loss made by Barnes for the year ending 31 October 2004.

Transcribed Image Text:

Cash 210 Bank balance 4,700 Fixtures 2,800 Stock 18,200 Debtors 26,600 Creditors 12,700 Van (at valuation) 6,800