AS Accounting for kax 11" Mike Barnett owns a shop selling bicycles the following balances have been extracted from the books of account at 31 May 2007 21,690 Bank overdraft 62,100 Capital Carriage inwards 540 Carriage outwards 1,270 Discounts allowed 1,410 Discounts received 2,090 Drawings 24,180 Equipment at cost 67,360 provision for depreciation 16,840 Mortgage on property (repayable 2022) 20,000 Motor expenses 15.430 Property at cost 50,000 Purchases 132,700 Returns inwards Returns outwards 630 unting Revenue (Sales) 1,310 266,300 Shop expenses 21,380 ragemen Inventory at 1 June 2006 35.820 Trade payables 9,210 Trade receivables 2.490 Wages 46,330 399,540 399,540 Inventory at 31 May 2007 was 29,700 Additional information (1) (2) Motor expenses paid in advance at 31 May 2007 were 250 (3) Wages unpaid at 31 May 2007 amounted to 840 (4) Equipment is to be depreciated at 12.5% per annum using the straight-line method REQUIRED (a) (b) Prepare an income statement for the year ended 31 May 2007. Prepare a balance sheet at 31 May 2007. Assessment and Qualifications Alliance (AQA). Specimen Paper for 2009