From the following trial balance of Kingfire, extracted after one year of operations, prepare a trading and profit and loss account for the year ending 30 June 2008, together with a balance sheet as at that date.

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Sales f 35,800 Purchases 14,525 Salaries 2,325 Motor expenses 9,300 Rent and business rates 1,250 Insurances-building 750 -vehicles 1,200 Motor vehicles Fixtures 10,000 17,500 Cash in hand 500 Cash at bank 1,250 Drawings 12,000 Long-term loan 15,000 Capital 19,275 Debtors 11,725 Creditors 9,750 81,075 81,075 Stock on 30 June 2008 was 3,000.