Using following information, Prepare Profit & Loss Account and Balance Sheet.

Precision Engineering TRIAL BALANCE AS AT 30 JUNE 2014 DR CR ACCOUNT NUMBER ACCOUNT 22 00 Bank Debtors Stock 101 102 103 104 Prepaid Rent Expense 151 Equipment 151A Accumulated Depreciation Equipment 201 Creditors 251 301 Capital - K Bates 5 800 85 00 28 00 100 00 7 600 35 000 50 000 98 900 Bank Loan * 57 000 Drawings Sales 401 555 000 500 Discount Expense 700 501 Cost of Sales 350 000 10 00 2 00 86 000 502 Administration Expenses 503 Interest Expense Wages TOTALS 504 746 500 746 500