Motor vehicles -cost 70,000 Motor vehicles -accumulated depreciation 45,000 Rent 5.500 Insurance 1.236 Sales 41,028 Stock 532 15,123 Wages Drawings 8.561 Bank 2,060 Creditors 1,040 Debtors 2,300 Purchases 12.000 332 Sundry expenses Capital 30,576 Additional information not yet recorded in the books of account at 31 December 2007: 1) Stock at December 31, 2007 had originally cots 620. 2) A demand for rent of 3,000 for the period December 1, 2007 to March 1, 2008 had not been paid by December 31, 2007 3) During the year, an insurance premium of 600 was paid for the year ending 31 March, 2008 4) Fixed assets are depreciated at a rate of 25% per annum using the straight line method Tina would like you to prepare her accounts for the year ending December 31, 2007. Required: a) Prepare a Trading and Profit and Loss Account for the year ending December 31, 2007. (20 marks) (for quality of presentation: plus i mark) b) Prepare a Balance Sheet as at December 31, 2007. (12 marks) (for quality of presentation: plus 1 mark) Total for this question: 34 marks