Mr. Umezurika Obi's average stock, that is, the average of opening and closing stock was N250,000. His closing stock as at 31st December 2017 was valued at N270,000. During the year, he turned over his stock six times and made on the whole a gross profit of 30% on turnover. Additional Information: (a) Debtors for the year N99,350 (b) Creditors N850,000 (c) Cash at bank N600,000 (d) Motor vehicles at cost N770,000; Land and building at cost N950,000; Fitting at cost N100,000; Petty cash balance N100,000; Depreciation: - Motor Vehicles 5% at cost - Land building 10% at cost (e) Capital at start N2, 230,000; Drawing for the period was N450,000. (f) The value of the stock at closed was N93, 364.28 (g) Premises at a cost N303, 000. This depreciates at 2.5% (h) If his total expenses amounted to 12% on turnover, 

(a) Show his: (i) Trading, Profit and loss account. (ii) The balance sheet for the year ended. 

(b) Explain the following terms: (i) Balance sheet. (ii) Working Capital. (iii) Trial balance.