Brian Stone, a sole trader, extracted the following trial balance from his books at the close of business on 31 October 20-7;

Trial Balance as at 31 October 20-7 Dr Cr

£

£

Freehold land and buildings 25,000 Motor van 3,500 Purchases 62,880 Sales 84,600 Bank 2,990 Cash 520 Stock at 1 November 20-6 4,740 Debtors 7,500 Creditors 4,950 Carriage inwards 675 Carriage outwards 890 Motor expenses 465 Rates 750 Sundry expenses 390 Sales returns 820 Drawings 3,500 Stationery and printing 376 Purchase returns 982 Discounts allowed 246 Discounts received 378 Wages and salaries 9,058 Capital at 1 November 20-6 33,390 124,300 124,300 Stock at 31 October 20-7 was valued at £7,650 You are required to prepare a trading and profit and loss account for the year ended 31 October 20-7, and a balance sheet as at that date.