The following information relates to A. Trader’s business:

During the year, Trader had sold some of his personal investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use.
Required:
Prepare a balance sheet as at 31 December 2024 and give the net profit as at that date.

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Assets and liabilities at Fixtures Trade receivables Inventory Trade payables Cash Balance at bank Loan from B. Burton Motor vehicle 1 January 2024 18,000 4,800 24,000 8,000 760 15,600 6,000 31 December 2024 16,200 5,800 28,000 11,000 240 4,600 2,000 16,000