The following is a summary of Ellie's bank account for the year ended 31 December 2016:

All of the business takings have been paid into the bank with the exception of £34,900. Out of this, Ellie has paid wages of £22,800, drawings of £2,800 and purchase of goods £9,300.
The following additional information is available:

You are to draw up a set of financial statements for the year ended 31 December 2016. Show all of your workings.

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f Balance 1.1.2016 8,200 Payments to creditors for goods 136,200 Receipts from debtors 182,000 Rent 7,800 Balance 31.12.2016 12,800 Insurance 2,940 Sundry expenses 1,260 Drawings 54,800 203,000 203,000