From the following trial balance of Frederick Allen, you are required to draw up a trading and profit and loss account for the year ending 31 October 20-7 and a balance sheet as at that date.

Trial Balance as at 31 October 20-7 Dr Cr

£

£

Sales 35,650 Purchases 28,452 Stock at 1 November 20-6 5,425 Premises 15,000 Fixtures and fittings 5,600 Motor vehicles 8,800 Loan - T Wiseman 6,000 Debtors 4,926 Creditors 4,124 Rates 970 Electricity 644 General expenses 933 Salaries and wages 3,850 Insurance 617 Drawings 2,450 Bank overdraft 2,326 Cash in hand 338 Motor expenses 795 Capital on 1 November 20-6 30,700 78,800 78,800 Stock at 31 October 20-7 was £4,965