J. Maxwell, the owner of a retail shop, maintain s very elementary business acco unting records. From an ana lysis of bank statements for th e year ended 30 Ap ril 1983 the following summa ry of bank receipts and payments was prepared:

Receipts £

Takings banked 119 500 Sale of motor car 2400 Additional capital introduced 10 000

£131900 Paym ents Purchase of motor vehicle Trade credito rs for good s Operat ing expen ses Wages to employees Pri vate payments 7600 34300 27900 31600 6300

£107700 Business assets and liabilities at I Ma y 1982 and 30 April 1983 were identified as follows:
Trad e debtors Accrued expenses Trade creditors Bank overdraft Shop premises, at cost Stock of goods for resale Cash in hand 1.5.82 34600 490 16950 2730 30000 21480 350 30.4.83 41 800 370 18960 30000 23 140 460 £
7480 1150 375 865 In addition the following informa tion was obtained:
(i) Cheques pa id to suppliers and amounting to £ 1150, had not yet been presented at the bank at the yea r end, although the list of trade creditors had been drawn up after allowing for these payments.
(ii) Summarised cash payments made during the year were :
Payments to owner Casual wages to pa rt-time employees Purchases General expenses All cash receipts were fro m customers.
(iii) The motor vehicle sold during the year was valued on I May 1982 at £4200.
The new mot or vehicle was acq uired on I August 1982 and is to be depreciat ed on a redu cing balan ce basis at 25 per cent per annum. Deprec iati on for the first yea r of ownership is to be appo rtio ned on a time ba sis.
(iv) Shop fittings and furni shin gs at I Ma y 1982 were valu ed at £8500 . These are to be depreciat ed on a stra ight-line basis over 10 years assuming zero salvage value.
(v) No depreciat ion is to be cha rged on the sho p prem ises.
Prepar e the following:

(a) A statement identifying owner 's interest at 1 May 1982;

(b) Ledger acco unts to reco rd the tran sactions which have tak en place during the year to 30 April 1983;

(c) Trad ing, Profit and Loss Account for the year ended 30 April 1983 and a Balance Sheet on that dat e.