Closing stock= 98540

Requirement:

Prepare properly classified P&L statement and statement of financial position.

Proper explanation of trading account

Debit ($) Credit (S) Delivery vehicle 680,500 Furniture and fixtures 280,000 Capital 812,529 Cash at bank 85,400 Opening stock, 1 August 2020 98,678 Returns 3,168 8,431 Trade creditors 4,740 Trade receivables 97,840 Trademark 6,800 Bank loan (due in year 2028) 50,000 9,684 6,350 Interest on loan Drawings Gain on disposal of fixed assets Sales revenue 9,875 789,487 Purchases 235,845 200 3,640 94,131 3,125 1,654 32,163 32,154 Shop rental expense Electricity expense Insurance expense Office rental expense Office repairs expense Discount Bank charges Salesmen's commission Carriage inwards Freight outwards Advertising Office salaries 1,581 1,651 154 164 38,562 25,926 1,707,216 1,707.216