Tilly Snowdon has operated a shop selling specialist mountaineering equipment for several years, but has never maintained full bookkeeping records. An analy- sis of her bank records for the year ended 31 December 2002 was as follows: Opening balance 2,800 Purchase of goods 66,200 Cash banked 86,900 . New shop fittings 3,000 Closing balance 6,670 Rent and rates 4,600 Light and heat 3,900 New van (balance of 4,000 purchase price) Van running expenses 1,400 Wages to shop assistants 9,070 Advertising 840 Insurance 560 Sundry expenses 2,800 96,370' 96,370Details of Tilly's assets and liabilities at the start and end of the year are: 1 January 31 December 2002 2002 E Debtors 600 850 Creditors 2,400 3,300 Insurance prepaid 80 120 Advertising accrued 140 120 Stocks at cost 16,800 23,700 Van (net book value) 2,400 Shop fittings (cost) 1,500 Depreciation on shop fittings 450Notes: - 1 Tilly had banked all takings, with the exception of personal drawings of 200 per week for 50 weeks, and 500 which she had used to pay for a holiday. 2 Closing debtors included an amount of 100 which had been outstanding for over six months. It has now been decided to write it off as a bad debt. 3 The van owned on 1 January 2002. was traded in for 2,000 on a part exchange deal to purchase a new one. 4 Depreciation policy is to provide a full year's depreciation in the year of pur- chase but none in the year of sale. Depreciation rates are 25% p.a. straight line on vans and 30% p.a. reducing balance on shop fittings. No shop fit- tings had been sold during the year. Prepare a profit and loss account for Tilly Snowdon for the year ended 31 December 2002 and a balance sheet as that date