DEBIT	CREDIT
Purchases	65240
Sales		137425
Capital		45845
Bank	20000
Cash	200
Discount allowed	2400
Returns inwards	3580
Returns outwards		1400
Carriage inwards	2410
Rent	6780
Provision for doubtful debts		500
Office furniture	5600
Motor van	15000
Accounts receivable	12300
Accounts payables		10500
Drawings	19600
Salaries and wages	42000
General expenses	560
total	195670	195670

a sole trader extracted the above trial balance from his books at the close of business on 31 July 2018

Notes

i. Closing inventory 31 March 2017 P6, 500

ii. Accrued salaries and wages P5, 000

iii. Prepaid rent P800

iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED:

a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. (10 marks) b. Prepare a Statement of Financial Position as at 31 July 2018. (10 marks)