The following trial balance has been extracted from Ethel’s books of accounts as at 31 January 2021:

Required:
Prepare Ethel’s statement of profit or loss and statement of retained earnings for the year to 31 January 2021 and a statement of financial position as at that date.9

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Capital Cash Payables Receivables Office expenses Premises Purchases Sales Dr £ 3 000 6 000 11 000 8 000 20 000 48 000 Cr £ 10 000 3 000 35 000 48 000