From the following trial balance of I. Lamb, extracted after one year’s trading, prepare an income statement for the year ending 31 October 2023. A balance sheet is not required.

Inventory at 31 October 2023 was £15,600.

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Trial balance as at 31 October 2023 Dr Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Trade receivables Trade payables Cash at bank Cash in hand Drawings Capital 60,400 29,300 1,200 950 150 85 47,800 8,600 13,400 8,200 300 4,200 174,585 Cr 100,250 8,800 65,535 174,585