Carlos is a trader buying and selling goods. He does not maintain a full set of double accounting records but has provided the following information at 31 December 2024:

3 During the year ending 31 December 2024, Carlos made the following payments in cash before banking the cash from sales:

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(a) Prepare the balance sheet at 1 January 2024 showing the opening capital.

(b) Calculate for the year ended 31 December 2024 the:
(i) revenue for the year (ii) purchases for the year.

(c) Prepare the income statement for the year ended 31 December 2024.

(d) Evaluate Carlos' decision not to maintain a full set of books.

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Balance b/d Cheques from trade receivables Sale of non-current asset Commission received Cash banked from sales Balance c/d 2 Balances: Bank Account 1,700 45,300 2,500 2,700 9,000 3,400 64,600 Non-current assets (at valuation) Trade receivables Trade payables Prepaid rent Accrued wages Inventory Cheques to trade payables Rent Refund to trade receivable Premises maintenance Advertising General expenses Balance b/d 1 January 2024 20,000 15,400 29,800 500 1,200 32,000 31 December 2024 18,000 27,900 21,000 1,000 1,600 25,700 42,500 2,500 900 7,200 4,800 6,700 64,600 3,400