James James has a plumber's business which he wishes to sell. A prospective buyer has asked him for up to date accounts and James asks you , as his accountant, to prepare a Profit and Loss Account for the year ended 30 September 1983 and a Balance Sheet at that date.

His Balance Sheet at 30 September 1982 was as follows :

£ £

Fixed assets Owners' interest 6200 Fixtures and fittings 1800 Motor vehicles 2200 Loan 2000 4000 Current liabilities Current assets Trade creditors 3400 Stock of materials 3900 Accrued rent 400 Debtors 2700 3800 Prepaid expenses:

Insurance

(1.10.82 to 31.12.82) 200 Rates

(1.10.82 to 31.3.83) 300 500 Cash 900 8000

£12000 £12000 - - --