The Following Trial Balance Was Extracted From the Books of TUMAINI Ltd at 31 December 2015

Share capital authorized and issued:

80,000 ordinary shares of 1 each 80,000 Freehold premises at cost 59,000 Motor vans Balance 1 January 2015 at cost 15,000 Additions less sale proceeds 650 Provisions for depreciation of motor vans to 31 December 2014- 6,750 Stock in trade 31 December 2014 13,930 Balance at bank 6,615 Provision for doubtful debts 31 December 2014 275 Trade debtors and creditors 12,395 11,380 Directors remuneration 4,000 Wages and salaries 13,127 Motor and delivery expenses 3,258 Rates 700 Purchases 108,440 Sales 142,770 Legal expenses 644 General expenses 5,846 Profit and loss account: balance at 31 December 2014 2,430

TOTAL= 243,605 243,605 You are given the following information.

i. Stock in trade, 31 December 2015, 14,600. ii. Rates paid in advance, 31 December 2015, 140. iii. Debts of 1,075 to be written off and the provision to be increased to 350. iv. On 1 January 2015, a motor van which had cost 680, was sold for 125. v. Depreciation provided for this van up to 31 December 2014 was 475. vi. Provide for depreciation of motor vans (including additions) at 20% of cost. vii. The balance on legal expenses account included 380 in connection with the purchase of one of the freehold properties. viii. The directors have decided to recommend a dividend of 5%.

Required: With particular emphasis on presentation, prepare a trading and profit and loss account for the year 2015, and a balance sheet at 31 December 2015,