From the following trial balance of Pauline Ellis you are required to prepare a trading and profit
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From the following trial balance of Pauline Ellis you are required to prepare a trading and profit and loss account for the year ended 31 May 20-7 and a balance sheet as at that date.
Trial Balance as at 31 May 20-7 Dr Cr
£
£
Capital on 1 June 20-6 20,508 Purchases 23,308 Sales 27,974 Debtors 3,670 Creditors 2,018 Stock at 1 June 20-6 2,342 Rent 760 Lighting and heating expenses 520 Salaries and wages 2,950 Fixtures and fittings 2,500 Cash at bank 4,438 Cash in hand 170 Insurance 280 Motor vehicles 6,750 Motor expenses 612 Drawings 2,200 50,500 50,500 Stock at 31 May 20-7 was £5,995
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