Q15.1 The following trial balance was extracted from the books of Paula Jones, a retail grocer, at the end of her financial year 31 March 20-0. Capital Debtors Creditors Drawings Cash in hand Bank Sales Purchases Opening stock Sales returns Trial balance as at 31 March 20-0 Dr Cr 200,000 6,000 4,000 38,000 100 4,630 168,000 96,000 6,400 1,000 Carriage inwards 400 Discount received 250 Discount allowed 380 Premises 187,000 Fixtures and fittings (at cost) 20,000 Provision for depreciation on fixtures 6,000 Rates 4,400 Insurance 1,200 Wages and salaries 22,000 382,880 382,880 In preparing the year-end accounts, the following should be accounted for: 1. The closing stock was valued at 6,800 2. Wages and salaries due but not paid amount to 1,000 3. There is a prepayment on rates amounting to 600 4. A debt amounting to 120 is considered irrecoverable 5. Depreciation on fixtures is to be provided at the rate of 10% per annum on cost You are required to: prepare Paula's trading account for the year ended 31 March 20-0 (a) (b) prepare Paula's profit and loss account for the year (c) draft Paula's balance sheet as at 31 March 20-0