The following trial balance has been extracted from the ledger of M Krause:

Additional information as at 31 December 2012:
1 Inventory in trade was valued at £16,740.
2 Power costs accrued were £235.
3 Sundry expenses owing were £90.
4 Salaries prepaid were £1,150.
5 Insurance prepaid was £312.
From this, construct a statement of comprehensive income for the year ended 31 December 2012 and a statement of financial position as at the year-end date.

Transcribed Image Text:

Sales and Purchases Premises Plant, machinery and equipment Administration expenses Salaries Insurance Sundry expenses Selling expenses Power costs Vehicles Trade receivables and payables Inventory as at 1 January 2012 Bank Capital Drawings Dr 256,000 220,000 31,500 4,720 28,900 2,890 990 6,725 3,780 18,900 12,772 23,450 23,500 634,127 Cr 379,000 9,995 3,132 242,000 634,127