Ann Bannister extracted the following trial balance from her books on 31 December 20-7:

Trial Balance as at 31 December 20-7 Dr Cr

£

£

Capital on 1 January 20-7 30,200 Debtors 14,950 Creditors 10,735 Returns inwards 562 Returns outwards 415 Bank 4,620 Cash 513 Stock at 1 January 20-7 21,190 Rent 1,855 Wages and salaries 9,890 Carriage outwards 251 Insurance 365 Carriage inwards 204 Sales 98,650 Purchases 76,990 Motor vehicle 5,500 Motor expenses 932 Furniture and fittings 4,420 Drawings 2,330 Loan - D Conway 5,000 General expenses 428 145,000 145,000 Stock at 31 December 20-7 was £22,560 You are required to prepare a trading and profit and loss account and balance sheet for the year ended 31 December 20-7.