Paul Icasso has the following trial balance.

Required: Prepare Paul Icasso’s trading and profit and loss account for the year ended 31 March 2006 and a balance sheet as at 31 March 2006.

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P. Icasso Trial Balance as at 31 March 2006 Debit Credit Hotel 50,000 Van 8,000 Sales 35,000 Purchases 25,000 Sales returns 3,000 Purchases returns Capital 4,000 60,050 Bank 9,000 Electricity 1,000 Advertising 800 Debtors Shah 1,250 Debtors Chan 2,250 Creditors Jones 1,250 100,300 100,300