From the following information relating to Snailsby, a village shopkeeper who keeps no proper books of account, prepare accounts for the year ended 30 June 20X1.

Of shop takings of £6,000 which were not banked, £1,500 were used to pay various business expenses.
Estimated annual depreciation on written-down values: furniture, fixtures and fittings, 5 per cent; motor van, 20 per cent.
The cost of the van sold during the year was £5,625.

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Summary of banking account Opening balance Shop takings paid in 2,600 Payments for goods bought 98,740 for stock 57,180 Sale of motor van, 1 Jan 20X1 3,600 Payments of business expenses 6,720 Private items 5,400 Purchase of new motor van, 1 Jan 20X1 Closing balance 8,500 27,140 104,940 104,940 30 June 20X0 30 June 20X1 Stock in trade 24,000 29,000 Amount owing for goods sold 800 1,250 Amount owing for goods bought 7,640 18,400 Amount owing for business expenses 1,320 730 Furniture, fixtures and fittings 6,000 6,000 Motor van 4,500 8,500 Cash in hand 800 350