Following is a summary of Kelly's bank account for the year ended 31 December 20X7:

All of the business takings have been paid into the bank with the exception of £9,630. Out of this, Kelly has paid wages of £5,472, drawings of £1,164 and purchase of goods £2,994.
The following additional information is available:

You are to draw up a set of final accounts for the year ended 31 December 20X7. Show all of your workings.

Transcribed Image Text:

Balance 1.1.20X7 405 Payments to creditors for goods 29,487 Receipts from debtors 37,936 Rent 1,650 Balance 31.12.20X7 602 Rates 890 Sundry expenses 375 Drawings 6,541 38,943 38,943