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The following trial balance has been extracted from the book of Aikins company ltd. For the year ended 31 st dec 2022 Inventory at the

The following trial balance has been extracted from the book of Aikins company ltd. For the year ended 31st dec 2022

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Inventory at the close of business has a value at 17,100 Required.

Prepare an income statement for the year ending 31st December 2022 and a balance sheet as of that date.

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\begin{tabular}{|l|l|l|} \hline Particulars & Debit & Credit \\ \hline Sales & & \\ \hline Purchases & 90,000 & 150,000 \\ \hline Travel expenses & 5,700 & \\ \hline Drawings & 8,900 & \\ \hline Rent, rate \&insurance & 2,200 & \\ \hline Postage and stationery & 1,000 & \\ \hline Advertisement & 370 & \\ \hline Salaries and wages & 16,200 & \\ \hline Bad debt & 6,100 & \\ \hline Investment income & & 11,200 \\ \hline Debtors & 1004 & \\ \hline Creditors & & 270 \\ \hline Cash in hand & 880 & \\ \hline Cash at bank & 4700 & \\ \hline Inventory as of 1 January, 2022 & 4600 & \\ \hline Equipment at cost & & \\ \hline Loan & & 1700 \\ \hline Capital & & 55,000 \\ \hline \end{tabular}

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