Ashley Peacock provides the following information for the year ended 30 June 20*8:

Required

Prepare a trading and profit and loss account for the year ended 30 June 20*8 and a balance sheet at that date.

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Capital at 1 July 20*7 Premises at cost Machinery at cost Motor van at cost Stock at 1 July 20*7 Debtors Creditors Bank balance Purchases Sales Wages and general expenses Repairs and renewals Rent and rates Insurance and advertising Motor expenses Drawings Long-term loan Stock at 30 June 20*8 £ 108,044 150,000 45,000 17,500 7,854 13,563 8,734 1,245 70,031 175,672 38,962 7,459 5,350 5,312 13,674 16,500 100,000 9,004