11.3X From the following trial balance of F. Chaplin, draw up a trading and profit and loss account (income statement) for the year ended 31 December 2018. A statement of financial position (balance sheet) is not required. Chaplin has been in business for one year only. Inventory at 31 December 2018 was $4,960. (Keep your answer; it will be used later in Exercise 12.3X.) F. Chaplin Trial Balance as at 31 December 2018 Dr Cr $ 55 $ General expenses 210 Rent and rates 400 Motor expenses 735 Wages 3,560 Insurance 392 Purchases 18,385 Sales 26,815 Motor vehicle 2,800 Accounts payable 5,160 Accounts receivable 4,090 Premises 20,000 Cash at bank 1,375 25 Cash in hand 24,347 Capital 4,350 Drawings 56,322 56,322