The following is the trial balance of Giant Security Services as at 31 December 20x1:

Account	DR ($)	CR ($)
Cash at bank	48,000
Debtors	27,000
Prepaid expense	9,000
Security equipment	40,000
Accumulated depreciation Security equipment		9,000
Shares in Singtel	25,000
Creditors		25,000
Unearned revenue		500
Loan from bank (due in Jun 20x3)		50,000
Capital, Gerald		72,000
Drawings, Gerald	13,000
Service fees revenue		59,000
Advertising expense	7,000
Insurance expense	9,000
Depreciation expense Security equipment	11,000
Interest expense	800
Office salaries expense	25,000
Bad debts expense	700
	215,500	215,500

Required:

1. Prepare a Profit & Loss Statement for the year ended 31 December 20x1.

Giant Security Services

Profit & Loss Statement for the year ended 31 December 20x1

	$	$	$
Less: Operating expense
Selling expense
General and administrative expense
Financial expense
Net profit