David Lycett provides the following information:

Additional information at 31 January 20*8
■ Stock was valued at £5,141.
■ Wages owing £312.
■ Light and heat expenses paid in advance £248.
■ Depreciation on office equipment is calculated using the straight line method at 10% per annum.
■ Depreciation on vehicles is calculated using the reducing balance method at 30% per annum.

Required

a) Prepare a trading and profit and loss account for the year ended 31 January 20*8.
b) Prepare a balance sheet at 31 January 20*8.

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Stock 1 February 20*7 Purchases Trial balance at 31 January 20*8 Dr Cr Sales Returns inwards Returns outwards Carriage inwards Carriage outwards Insurance Wages Motor expenses Light and heat expenses Telephone Office equipment at cost Vehicles at cost Provision for depreciation Office equipment Vehicles Trade debtors Bank Cash in hand Capital Drawings Trade creditors £ 4,967 87,328 726 642 1,723 2,140 72,048 8,461 3,487 1,348 16,500 30,000 18,461 8,237 252 28,500 284,820 £ 212,439 460 9,900 19,710 25,992 16,319 284,820