Suraya Ltd started in business on 1 January 20X7. On 31 December 20X7 the following balances were taken from the company’s books, and from a final stocktake.

The tax liability on the profit for the year was estimated at £7,360. Any retained profit is to be transferred to the company’s reserves.
Prepare the trading and profit and loss and appropriation account for the year ended 31 December 20X7.

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Sales 296,483 Heat and light 26,730 Insurance 11,978 Wages 36,389 Opening stock 15,450 Closing stock 16,070 Purchases 175,962 Dividend Rent 18,400 6,397