A. Bell has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 2015 is as follows:

Records of cash paid were: Sundry expenses £180; Trade accounts payable £1,310. Cash sales amounted to £1,540.
The following information is also available:

You are to draw up a statement of profit or loss for the year ending 31 December 2015, and a statement of financial position as at that date. Show all of your workings.

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f f Balance 1.1.2015 920 Cash withdrawn from bank 12,600 Receipts from debtors 94,200 Trade accounts payable 63,400 Loan from F. Tung 2,500 Rent 3,200 Insurance 1,900 Drawings 11,400 Sundry expenses 820 Balance 31.12.2015 4,300 97,620 97,620