Majid has extracted the following balances from his books of account at 30 November 2014.

Inventory at 30 November 2014 was valued at $39,240.

Required

Prepare an income statement for Majid for the year ended 30 November 2014 and a statement of financial position at that date.

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Balance at bank 14 225 Bank loan (repayable 2020) 5 880 Capital account 70 833 Camiage outwards 2 154 Computers at cost 8 420 Depreciation 3 200 Discounts allowed 1508 Drawings 34 116 Inventory 1 December 2013 42 300 Motor expenses 5 527 Motor vehicles at cost 18 610 Motor vehicles - provision for depreciation 4 000 Plant and machinery at cost 42 745 8 200 Plant and machinery- provision for Оеprecation Purchases 92 330 Rent and rates 12 850 Repairs and maintenance 2 207 Retums inwards 2 060 Retums outwards 1 593 Revenue 235 358 Stationery and advertising 4 852 Sundry expenses 2 920 Trade payables 15 352 Trade receivables 27 075 Wages and salaries 24 117