The following trial balance was taken from the books of Michael Seymour after one years trading. You
Question:
The following trial balance was taken from the books of Michael Seymour after one year’s trading. You are required to prepare a trading and profit and loss account and balance sheet for the year ending 31 December 20-7.
Trial Balance as at 31 December 20-7 Dr Cr
£
£
Purchases Sales 14,650 18,874 Rates 720 General expenses 490 Wages and salaries 3,105 Motor expenses 382 Insurance 220 Premises 7,700 Fixtures and fittings 1,750 Motor vehicle 3,900 Debtors 2,865 Creditors Cash at bank 1,646 1,926 Cash in hand 122 Drawings Capital at 1 January 20-7 1,250 18,000 38,800 38,800 Stock at 31 Decen\ber 20-7 was £3,235
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