From the following trial balance of Mr Tangle, extracted after one year of operations, prepare an income statement for the year ending 30 April 2024, together with a balance sheet as at that date.

Inventory on 30 April 2024 was £8,000..

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Sales Purchases Salaries Motor expenses Rent and business rates Insurances - building - vehicles Motor vehicles Fixtures Cash in hand Cash at bank Drawings Long-term loan Capital Trade receivables Trade payables 29,050 14,650 1,860 2,500 1,500 2,400 20,000 35,000 1,000 24,000 23,450 155,410 71,600 2,500 30,000 31,810 19,500 155,410