3.2 The following information is obtained in connection with the business of G. Haze, a trader:

31 December 20X3 20X4

£ £

Fixed assets at book value 9,000 see below Stocks 2,650 3,710 Trade debtors 5,200 5,600 Trade creditors 1,710 1,210 Bank balance (overdraft) (360) 50 During 20X4 motor vehicles were purchased at a cost of £3,144, part of which was met by G. Haze trading in his private motor car at an agreed valuation of £600. Cash drawings made by G. Haze amounted to £150 per week and, in addition, stocks valued at £300 were taken during the year for personal use.

(a) A calculation of the profit earned by G. Haze’s business during 20X4.

(b) The balance sheet of the firm at 31 December 20X4 presented in the vertical format.