You are given the following information for a retailer, George Michael, as at 30/6/20x8:

During the past year George Michael has withdrawn \($2,000\) cash for his own use, while the net profit, according to the profit and loss account, was \($7,200.\)

Required 

From the above information prepare a balance sheet of the retailer, George Michael, as at 30/6/20x8.

Transcribed Image Text:

Capital as 1/7/20x7 $22,800 Cash at bank 4,000 Trade debtors 12,000 Accrued expenses 2,000 Trade creditors 10,000 Stock on hand 16,000 Buildings 16,000 Mortgage on buildings 8,000