The following Trial Balance has been extracted from the accounts of Ned Ryan for the year

ended $31$st December. You are required to prepare an Income Statement for the year ended

$31$st December and a Statement of Financial Position at that date.

$$

Capital $80,000$

Long Term Loan $40,000$

Plant & Equipment $70,120$

Office Furniture $56,000$

Office Equipment $40,000$

Payables $56,120$

Bank Overdraft $21,300$

Receivables $0$

Cash $560$

Sales Revenue $292,233$

Purchases $105,021$

Inventory $($Opening$)10,900$

Wages & Salaries $78,456$

Rent & Rates $71,856$

Light & Heat $12,564$

Insurance $15,000$

Motor Expenses $12,356$

Sundry Expenses $4,520$

Drawings $12,300$

$489,653489,653$

Note: Inventory at $31$st December was $20,000$