The following trial balance was extracted from the books of R. Giggs at the close of business on 28 February 2014.

Required:
Draw up the statement of profit or loss for the year ending 28 February 2014 together with a statement of financial position as at 28 February 2014.

Transcribed Image Text:

Dr Cr f f Purchases and sales Cash at bank Cash in hand Capital account 1 March 2013 Drawings Office furniture Rent 92,800 157,165 4,100 324 11,400 17,100 2,900 3,400 Wages and salaries 31,400 Discounts 820 160 Accounts receivable and accounts payable 12,316 5,245 Inventory 1 March 2013 4,120 Allowance for doubtful debts 1 March 2013 405 Delivery van 3,750 Van running costs 615 Bad debts written off 730 174,375 174,375 wwwww