From the following trial balance of F. Dover drawn-up on conclusion of his first year in business, draw up an income statement for the year ending 31 May 2020. A balance sheet is not required.

Inventory at 31 May 2020 was £28,972.

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General expenses Business rates Trial balance as at 31 May 2020 Dr Motor expenses Salaries Insurance Purchases Sales Car Trade payables Trade receivables Premises Cash at bank Cash in hand Capital Drawings 610 4,800 1,820 79,120 2,480 242,080 8,600 42,160 106,000 5,430 650 46,800 540,550 Cr 471,624 22,400 46,526 540,550