Complete question 7.3A by drawing up a balance sheet as at 31 December 20X8.

Data from Question 7.3A

From the following trial balance of B Morse drawn up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ended 31 December 20X8. A balance sheet is not required.

Stock at 31 December 20X8 was £14,486.

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General expenses Business rates Motor expenses Salaries Insurance Purchases Sales Car Creditors Debtors Premises Cash at bank Cash in hand Capital Drawings Trial Balance as at 31 December 20X8 Dr £ 305 2,400 910 39,560 1,240 121,040 4,300 21,080 53,000 2,715 325 23,400 270,275 Cr £ 235,812 11,200 23,263 270,275