13.4 Miss Codd owns a retail business. The only records she maintains are her bank statement and a file of outstanding debtors and unpaid suppliers.

The following balances were shown on her balance sheet as at 1 January 20X0:

£

Creditors 19,600 Shopfittings at written-down value (cost £20,000) 16,000 Stock . 38,000 Debtors 400 Cash at bank 8,800 Cash in hand (float in till) 800 The following is a summary of her bank statement for the year ended 31 December 20X0:

Takings banked 558,640 Payments to suppliers 503,200 Rent of premises to 31 December 20X0 32,000 A. Wood - Shopfitters 6,800 Advertising 4,000 Sundry expenses 3,040 The following information is relevant:

1. Takings are banked daily and all suppliers are paid by cheque, but Miss Codd keeps £1,200 per week for herself and pays the staff £880 per week out of the takings.

2. The work by A. Wood was for new fittings and repairs to existing fittings. The cost of the new fittings is estimated at £4,000.

3. The cash in hand float has been raised to £1,200.

4. Miss Codd took £6,000 worth of goods (at cost) for her own use, without payment.

5. Accountant’s charges will be £2,000 for preparing the accounts.

6. The file of outstanding accounts shows £18,400 due to suppliers, £800 outstanding in respect of sundry expenses and £6,800 outstanding debtors.

7. Depreciation on shopfittings is provided at 10 per cent on cost and a full year’s charge is made in the year of purchase.

8. Stock at 31 December 20X0 was £56,800.

Required:

Miss Codd’s profit and loss account for the year ended 31 December 20X0 and balance sheet as at that date.