Yinka Babatunde Example 5: Below is the balance sheet of Yinka Babatunde as at 31st March 1984 Balance Sheet as at 31st March, 1984 Capital Current Liabilities Creditor's Fixed Assets 23,434 Freehold Premises Plant and Machinery Motor Vans Fixtures and Fittings Current Assets: Stock Debtors Cash 10,120 1,840 8,000 1.200 1,752 1,864 100 24,876 24,876 The record of Yinka's cash transactions for the year was as shown below. P Sales Additional Capital 1st Apr. 1984 bal. b/f Customers 100 Suppliers 8,552 Salaries 7,908 1,486 3,726 General expenses 1,254 400 New machinery 320 Drawings 1,072 Balance c/f 31/3/85 738 12,778 12,778 At the end of the trading period 31/3/85, the amount due to creditors was $1,632, debtors amounted to $1,836 and stock was valued at $1,708. You are required to prepare: Trading and Profit and Loss Accounts for the year ended 31/3/85 and a balance sheet as at that date taking into consideration the following adjustments: (1) Depreciation of 10% is to be written off the plant and machinery including additions during the year. (ii) 200 is to be provided for doubtful debts. (iii) The sum of 64 for goods withdrawn by Yinka was included in the debtors' balance on 31st March, 1985. (iv) The motor vans were revalued at $7,500. All workings and calculations of Total Purchases and Total sales must be shown