XYZ bookkeeper has extracted the following trial balance as at 31 January 2012: (30 Points)

	Dr	Cr
	US$	US$
Administrative expenses	63,000
Capital		252,000
Cash at bank and in hand	9,000
Creditors		8,000
Debtors	1,000
Drawings	18,000
Furniture and fittings:
At cost	200,000
Accumulated depreciation (at 1 February 2011)		90,000
Motor vehicles:
At cost	800,000
Accumulated depreciation (at 1 February 2011)		480,000
Purchases	500,000
Rent, rates, heat and light	9,000
Sales		760,000
Stock (at 1 February 2011)	35,000
Trade creditors		170,000
Trade debtors	70,000
Wages and salaries	55,000
	1,760,000	1,760,000

Additional information:

1) Stock at 31 January 2012: US$ 40,000.

2) Depreciation is charged on the furniture and fittings at a rate of 15% on cost and on the motor vehicles at a rate of 60% on the reduced balance.

3) A trade debt of US$ 10,000 is to be written off.

4) A provision for bad and doubtful debts is to be establish equivalent to 5% of outstanding trade debtors at the end of the year.

Required:

Prepare XYZ trading and profit and loss account for the year to 31 January 2012 and a balance sheet as at that date