Q13.3 The trial balance of Bitton Potteries prepared after calculation of the gross profit is shown below: BILTON POTTERIES Trial balance as at 31 January 20-2 Debit Credit 7,000 Capital Premises 5,000 Bank 3,218 Debtors 4341 Stock (31 January 20-2) 1,000 Creditors 870 Drawings 3,800 Insurance 450 Rent receivable 225 Rates 500 Wages 5,200 Gross profit for year-ended 31 January 20-2 11,507 19,602 19,602 A detailed review by the accountant revealed that the following adjustments were outstanding: (i) Rates amounting to 100 had been paid in advance. (ii) Rent receivable of 75 was still outstanding at 31 January 20-2. (iii) The insurance total included the payment of 50 for private house contents insurance. (iv) Wages owing amounted to 300. Requirements: (a) Open up the appropriate ledger accounts and post the above adjustments. Balance off these ledger accounts. (b) Prepare a profit and loss account for the year ended 31 January 20-2 and a balance sheet as at that date, after the above adjustments have been posted.