On 31 December 20-6 the following trial balance was taken from the books of James Giles:

Trial Bedance as at 31 December 20-6 Dr Cr

£

£

Capital on 1 January 20-6 25,090 Equipment 6,000 Furniture and fittings 3,700 Sales 36,000 Purchases 27,500 Drawings 4,800 Carriage outwards 490 Creditors 5,980 Sundry expenses 322 Cash 170 Bank 3,792 Returns outwards 1,250 Carriage inwards 430 Wages 5,880 Printing and stationery 390 Debtors 9,700 Rent 550 Insurance 226 Commissions received 480 Stock at 1 January 20-6 4,850 68,800 68,800 Stock on 31 December 20-6 was valued at £6,500 You are required to prepare a trading and profit and loss account for the year ended 31 December 20-6, and a balance sheet as at that date.