The trial balance of a business called ‘Saturdays’, a sole trader, at 1 January 2007 is as follows:

During the financial year, the following transactions took place:

At 31 December 2007 the closing account balances are as follows:

Required 1 You are required to show the double-entries for the following accounts for the year ended 31 December 2007: bank, trade creditors, trade debtors, telephone and internet, advertising, accountant’s fee, and rent and rates.
2 Prepare Saturdays’ profit and loss account for the year.
3 Prepare Saturdays’ balance sheet as at 31 December 2007.

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Stock Trade debtors Trade creditors Repayments telephone and internet - advertising Accruals - accountant's fee - rent and rates Fixed assets Fixed assets - provision for depreciation Capital Bank Debit Credit 000 000 300 480 150 34 16 12 23 500 150 1,000 15 1,330 1,330