Complete question 7.2 by drawing up a balance sheet as at 30 June 20X8.

Data from Question 7.2

From the following trial balance of B Lane after his first year’s trading, you are required to draw up a trading and profit and loss account for the year ended 30 June 20X8. A balance sheet is not required.

Stock at 30 June 20X8 was £16,280.

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Sales Purchases Rent Lighting and heating expenses Salaries and wages Insurance Buildings Fixtures Debtors Sundry expenses Creditors Cash at bank Drawings Vans Motor running expenses Capital Trial Balance as at 30 June 20X8 Dr £ 154,870 4,200 530 51,400 2,100 85,000 1,100 31,300 412 14,590 30,000 16,400 4,110 396,012 Cr £ 265,900 15,910 114,202 396,012