Mary Scott has the following details for the year to 31 December 2005.

Required: Draw up Mary Scott’s trading and profit and loss account for the year ended 31 December 2005.

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Sales 200,000 Income from investments 3,000 Opening stock 5,000 Wages 4,000 Purchases 100,000 Insurance 2,500 Closing stock 3,000 Electricity 3,500 Advertising 3,500 Telephone 4,000 Motor expenses 1,500 Purchases returns 1,000 Repairs 800 Sales returns 2,000 Sundry expenses 2,400