From the following trial balance of Kingfire, extracted after one year of operations, prepare a trading and profit and loss account for the year ending 30 June 20X3, together with a balance sheet as at that date.

Stock on 30 June 20X3 was £3,000.

Transcribed Image Text:

Sales Purchases Salaries Motor expenses Rent and business rates Insurances - building - vehicles Motor vehicles Fixtures Cash in hand Cash at bank Drawings Long-term loan Capital Debtors Creditors £ 14,525 2,325 9,300 1,250 750 1,200 10,000 17,500 500 12,000 11,725 81,075 £ 35,800 1,250 15,000 19,275 9,750 81,075