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Prepare balance sheet and income statement using the data given below. Debit Credit Sales 40000 Purchases 18500 Wages and salaries 5100 Repairs and maintenance 1300

Prepare balance sheet and income statement using the data given below.

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Debit Credit Sales 40000 Purchases 18500 Wages and salaries 5100 Repairs and maintenance 1300 Heating and lighting 900 1200 General expenses Insurance 800 Cash at bank 2200 Cash in hand 1300 Trade receivables 4100 Trade payables 3400 Premises 30000 Fixtures and fittings 10000 Motor vehicle 8000 Capital at 1 January 2014 52000 Drawings 12000 95400 95400

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