Summary of business bank account for the year ending 31 December 2019

Balance brought down 1,020 Payments to suppliers 36,075

Receipts from customers 43,050 Rent 2,080

Insurance 1,760

General Expenses 620

Balance carried down 4,895 Drawings 8,430

48,965 48,965

The business confirmed that cash sales amounted to 12,090 and this cash had been used to pay: wages 7,500 and purchases 2,860. The remaining cash, 1,730, was kept by the business for their own personal use.

Other Information:

1 January 2019 31 December 2019

Inventory 12,000 15,200

Trade payables 7,250 8,400

Trade receivables 8,360 9,210

Rent owing (accrued) at the year-end 170 90

Fixtures and fittings at net book value 4,800 4,300

Prepare the business's Income Statement for the year ended 31 December 2019 and the Statement of Financial Position as at the 31 December 2019. Show workings in your answer including a sales and purchase ledger control account.