Dr	Cr
	Shs.	Shs.
Ordinary share capital (sh 20 each)		2500000
Inventories (1.12.2013)	250000
Plant and Machinery (cost)	2500000
Motor vehicles (cost)	800000
Provision for depreciation of Plant and		200000
Machinery
Provision for depreciation of motor vehicles		160000
Purchases	3600000
Sales		6000000
Sales returns	400000
Purchases returns		200000
Wages and salaries	600000
Discounts	50000	40000
Discounts
Carriage inwards	25000
Carriage outwards	30000
Postage and telephone	75000
Water and electricity	86000
Bad debts written off	15000
Allowances for bad debts		10000
General expenses	85000
Rent and rates	150000
Debtors	550000
Creditors		466000
Cash in hand	60000
Cash at bank	300000
	9576000	9576000

You are given the following additional information:

(a) Closing stock on 30 Nov 2013 was valued at shs.225,000

(b) Depreciation is to be charged at 10% of cost of plant and machinery and 20% of cost of motor vehicles.

(c) Accrued rent of shs.30,000 and prepaid rates are shs.10,000.

(d) Outstanding electricity expenses is shs.6,000.

(e) Provision for bad debts is to be increased by shs.3,000.

Required:

Compile the financial statements