Simon lists his assets and liabilities as shown and provides the following information:

(i) Drawings by Simon £40,000

(ii) Payments to suppliers £1,731,600

(iii) Receipts from customers £2,160,000

(iv) Paid as salary £180,000

(v) Paid for other expenses £154,800

Required: 

Prepare the financial statements for 2011.

Transcribed Image Text:

As at 31 December Non-current assets Accumulated depreciation Inventory Trade receivables Bank balance Trade payables 2010 4 96,400 (24,600) 71,800 234,500 43,200 2,160 97,200 2011 £ 112,800 (32,400) 80,400 252,800 46,800 ? 109,800