Trial Balance
Account Title	Debit	Credit
cash A/C	1,419
Capital A/C		1O,500
Bank A/C	3,790
Purchase A/C	2,950
T. Dry A/C		800
G.Low A/C		510
Stationary Expense A/C	89
Buttons Ltd. A/C		89
Sales A/C		1,783
R. Tong A/C	165
M.Singh A/C	306
Sales Return A/C	25
Rent Expense A/C	220
Fixtures A/C	610
Chiefs Ltd. A/C		610
Salary Expense A/C	790
Purchase Return A/C		72
van A/C	6,500
B.Barclay Loan A/C		2,500
TOTAL	16,864	16,864

Could you prepare a short report explaining the current financial status of my business? Also are you able to provide some basic instructions about how to log my future transactions and calculate profit, so that I don’t have to bother you again?
 

Started in business with 10,500 cash. Put 9,000 of the cash into a bank account. 3 Bought goods for cash 550. 4 Bought goods on time from: T. Dry 800; F. Hood 930; M. Smith 160; G. Low 510. 5 Bought stationery on time from Buttons Ltd 89. Sold goods on time to: R. Tong 170; L. Fish 240; M. Singh 326; A. Tom 204. Paid rent by cheque 220. 10 Bought fixtures on time from Chiefs Ltd 610. 6. 8. 11 Paid salaries in cash 790. 14 Returned goods to: F. Hood 30; M. Smith 42. 15 Bought van by cheque 6,500. 16 Received loan from B. Barclay by cheque 2,000. Goods returned to us by: R. Tong 5; M. Singh 20. 18 21 Cash sales 145. 24 Sold goods on time to: L. Fish 130; A. Tom 410; R. Pleat 158. We paid the following by cheque: F. Hood 900; M. Smith 118. Received cheques from: R. Pleat 158; L. Fish 370. Received a further loan from B. Barclay by cash 500. 26 29 30 30 Received 614 cash from A. Tom.