The following is the trial balance of Macfred ent. as at 30^th April 2014

	USD.	USD.
Sales		12,150
Stock 1st March 2014	918
Deposit account	22
Cash at bank	540
Motor van at cost	350
Fixtures and Fittings at cost	90
Purchases	10,406
Trade debtors	818
wages	578
Carriage outwards	116
Carriage inwards	958
electricity	112
land and building at cost	1,410
Returns	224	19
Capital		4310
20% loan from Standchart Ltd		420
Loan interest	63
Discounts	90	304
Office expenses	45
Rent	105
Commission received		20
Trade creditors		17
Drawings	95
Cash in hand	8
Provision for depreciation
Motor van
Fixtures and fittings		17
Bad debts	35
Provision for bad debts 1st March 2014		37
	16,983	16,983

Additional Information

1. Closing stock was valued at USD 8000
2. The owner had taken goods worth USD 14 for domestic use
3. Prepayment rent for the two months of July and August of the year 2014 amounted to USD 25
4. A further amount of USD 200 is to be written off as bad debts.
5. The provision for bad debts at the end of the year is to be adjusted to 8% of trade debtors.
6. Depreciation on fixed assets is to be provided as follows:

Motor vehicles 10% straight line basis

Fixtures and Fittings 5% reducing balance basis

7. Electricity bill for the month of April 2014 amount to USD 6 was received on May 4^th 2014
8. Loan interest amounting to USD 50 has not been paid.

Required:

1. Trading, profit and loss account for the year ended 30^th April 2014

b. Balance sheet as at 30^th April 2014