Test your understanding one Introduction to Published Accounts.

P. Popkin, a sole trader extracted the following trial balance from his books at the close of business on 30 May 20X9.

	DR	CR
	$ 000	$ 000
Stock 1 June 20X8	9,289.80
Capital 1 June 20X8		29,484.00
Bank Overdraft		2,913.30
Debtors & Creditors	14,529.06	13,338.00
Cash at hand	163.80
Motor Vehicle	6,552
Fixtures & Fittings	2,223
Purchases & Sales	71,861.40	148,876.65
Discounts	2,901.60	72.54
Returns inwards	4,078.62
Returns outwards		1,586.52
Carriage outwards	3,755.70
Advertisement	10,377.90
Provision for doubtful debts		737.10
Drawings	25,038
Wages & Salaries	45,864
Printing& Stationary	373.23
Total	197,008.11	197,008.11

Additional Information:

1. Stock on 31 May 20X9 $ 1,961.85
2. By the end of the year to 31 May 20X9, Salaries totaling to $ 4,095 had not been paid.
3. Stationary & Printing for June and July 20X9 had been paid in advance by $ 25.20
4. Decrease the provision for doubtful debts to $ 584.20
5. Provide depreciation of 5% on furniture and fittings and 2.5% on motor vehicles.

Required:

Prepare Profit & Loss accounts for the year ended 31 March 20X9 together with a statement of Financial Position as at that date.