The year-end Trial Balance extracted from the books of a business owned by Joe Cameron is shown. You are informed as follows:

(a) All goods purchased for sale have been sold by the year-end.

(b) All expenses relating to the year have been paid in full.

(c) Ignore depreciation of non-current assets.

Required:

Prepare for the business the Statement of income for the year ended 31 December 2010 and the Statement of financial position as at that date.

Transcribed Image Text:

Trial Balance as at 31 December 2010 Debit Credit Stationery a/c Salaries a/c Electricity a/c Sales a/c Heating a/c Postage a/c Cash a/c Furniture a/c Peter's Loan a/c Purchases a/c Bank a/c Motor vehicle a/c Delivery expenses a/c Office equipment a/c Sales commission a/c Capital a/c £ 320 12,800 960 - 2,650 125 1,465 12,000 68,400 7,675 18,000 1,250 4,600 2,555 لها I IIO 94,800 I II 3,000 ||||| 35,000 132,800 132,800