Justin is a sole trader who has been in business for many years. He manufactures retail refrigeration
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Justin is a sole trader who has been in business for many years. He manufactures retail refrigeration equipment. The following trial balance has been extracted from his accounting records for the year ended 31 December 20X3:
Justin also provides the following information:
e The loan is repayable in five years’ time.
® The closing inventory was valued at £28,700 on 31 December 20X3.
You are required to prepare:
(a) anincome statement for Justin for the year ended 31 December 20X3
(b) astatement of financial position for Justin as at 31 December 20X3.
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