Draw up the statement of profit or loss for the year ended 30 June 20X4 and statement of financial position at that date for P. Glass’s business from the following trial balance. LO9 Dr Cr £ £
Inventory at 1 July 20X3 2,368 Sales 19,647 Dr Cr £ £
Purchases 13,874 Returns inwards 205 Returns outwards 322 Salaries and wages 4,206 Rent 300 Insurance 76 Motor expenses 554 Office expenses 328 Heat and light 160 General expenses 325 Carriage inwards 250 Discounts allowed 68 Premises 5,000 Motor vehicles 1,800 Fixtures and fittings 450 Trade receivables 3,704 Trade payables 2,731 Cash at bank 1,710 Drawings 1,200 Capital at 1 July 20X3 _____ 10,458 34,868 34,868 (Note: inventory at 30 June 20X4 was valued at £2,946.)