Exemplar Financial Reports

You are to prepare a set of exemplar financial reports, which the trainee accountants can place in the file and use for reference.

You must:

• Prepare a set of sole trader financial statements from the information contained in Appendix 2.

• Appendix 2

  Alpha Stores

  Trial Balance as at 31^st March

  	Dr	Cr
  Inventory	2 000
  Sales		248 783
  Purchases	68.975
  Sales Returns	1 206
  Purchase Returns		780
  Carriage Inwards	220
  Discounts Received		3 135
  Discounts Allowed	2 474
  Wages	111 220
  Insurance	7 500
  General Expenses	39 590
  Heat and Light	3 880
  Bad Debts	965
  Non-current (fixed) assets	277 200
  Trade Receivables	6 700
  Trade Payables	2 100
  Bank		37 750
  Cash	1 500
  Capital		185 082
  Short-term Loan		50 000
  	______ 525 530	______ 525 530

  Additional Information:

• Alpha Stores had an opening inventory of 32 000.
• Depreciation is not charged on non-current (fixed) assets.