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Th e following balances are taken from the books of George Anderson at the end of his first year trading on 31 December 2014. Debit

Th e following balances are taken from the books of George Anderson at the end of his first year trading on 31 December 2014.

Debit

Credit

$

$

Sales

40000

Purchases

18500

Wages and salaries

5100

Repairs and maintenance

1300

Heating and lighting

900

General expenses

1200

Insurance

800

Cash at bank

2200

Cash in hand

1300

Trade receivables

4100

Trade payables

Premises

30000

3400

Fixtures and fittings

10000

Motorvehicle

Capital at 1 January 2014 Drawings

8000

12000

52000

95400

95400

The following additional information is available: Inventory at 31 December 2014 was valued at 54500. Requi red :

  1. Prepare income statement for the year ended 31 December 2014.
  2. Prep(are a balance sheet as at 31 December 2014.

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