The following trial balance as at 31 July 2021 has been prepared for Half MCO Ltd.

Required:

Based on the Trial Balance as at 31 July 2021 above, prepare the following statements in the excel template given:

(a) A properly classified Profit & Loss Statement (narrative format).

Credit (S) Debit (S) 680,500 280,000 812,529 85,400 98,678 3,168 8,431 4,740 97,840 6,800 50,000 9,684 6,350 Delivery vehicle Furniture and fixtures Capital Cash at bank Opening stock, 1 August 2020 Returns Trade creditors Trade receivables Trademark Bank loan (due in year 2028) Interest on loan Drawings Gain on disposal of fixed assets Sales revenue Purchases Shop rental expense Electricity expense Insurance expense Office rental expense Office repairs expense Discount Bank charges Salesmen's commission Carriage inwards Freight outwards Advertising Office salaries 9,875 789,487 32,154 235,845 200 3,640 94,131 3,125 1,654 32,163 1,581 1,651 154 164 38,562 25,926 1,707,216 1,707,216 Half MCO Ltd Profit & Loss Statement for the year ended 31 July 2021 S S Sales revenue 789,487 Less: Less: Cost of Goods Sold Less: Add: Less: Add: Other Operating Revenue Less: Operating Expenses Selling & Distribution Advertising Discount allowed Salesmen's commission General & Administration Electricity expense Insurance expense Office repairs expense Finance expenses (212,481) Net Profit/Loss