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Prepare balance sheet and income statement using the data given below. (10 marks each) Debit Credit $ Sales $ Purchases 40000 18500 Wages and salaries

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Prepare balance sheet and income statement using the data given below. (10 marks each) Debit Credit $ Sales $ Purchases 40000 18500 Wages and salaries 5100 Repairs and maintenance 1300 Heating and lighting 900 General expenses 1200 Insurance 800 Cash at bank 2200 Cash in hand 1300 Trade receivables 4100 Trade payables Premises 3400 30000 Futures and fittings 10000 Motor vehide 8000 Capital at 1 January 2014 Drawings 52000 12000 95400 95400 The following additional information is available: Inventory at 31 December 2014 was valued at $45001

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