Hot and Sweaty doesnt maintain a complete set of accounting records. However, he provided you with the following information:

Hot and Sweaty
Summarized Bank Account for the year ended 31st December 2020
2020		$	2020		$
Jan 01	Balance b/d	20,000		Wages and Salaries	35,000
	Receipts from debtors	190,000		Drawings	4,650
				Electricity	12,000
				Insurance	6,000
				Bank charges	900
				Payment to creditors	92,500
				General expenses	15,000
				Telephone	8,000
				Balance c/d	35,950
		210,000			210,000

	Dec 31 2019		Dec. 31 2020
	$		$
Creditors	24,000		28,000
Prepaid telephone	1,000		1,400
Debtors	18,000		21,000
Insurance owing	5,000		8,000
Stock	14,000		27,000
General expenses owing	1,800		3,000
Motor van at cost	35,000		35,000

Provision for depreciation on motor van is to be based on 10% on the straight line method.

Prepare for Hot and Sweaty the following:

1. Trading and Profit and Loss Account for the year ending 31st December 2020.

*HINT: Total Debtors and Total Creditors Accounts.

12 marks

2. Balance Sheet as at 31st December 2020.

8 marks