From the following trial balance of F Chaplin drawn up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ended 31 December 19X8. A balance sheet is not required.

Trial Balance as on 31 December 19X8 Dr Cr

£ £

General expenses 210 Rent 400 Motor expenses 735 Salaries 3,560 Insurance 392 Purchases 18,385 Sales 26,815 Motor vehide 2,800 Creditors 5,160 Debtors 4,090 Premises 20,000 Cash at bank 1,375 Cash in hand 25 Capital 24,347 Drawings 4.350 Stock at 31 December 19X8 was £4,960.

(Keep your answer; it will be used later in question 8.3A)

56,322 56,322