Return to Review Question 7.2 and prepare a statement of financial position as at 30 June 2012.

Review Question 7.2

From the following trial balance of G. Foot after his first year’s trading, you are required to draw up an income statement for the year ending 30 June 2012. A statement of financial position is not required.

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Sales Purchases Trial balance as at 30 June 2012 Rent Lighting and heating expenses Salaries and wages Insurance Buildings Fixtures Accounts receivable Sundry expenses Accounts payable Cash at bank Drawings Vans Motor running expenses Capital Inventory at 30 June 2012 was 18,000. Dr 154,000 3,800 700 52,000 3,000 84,800 2,000 31,200 300 15,000 28,600 16,000 4,600 396,000 Cr 266,000 16,000 114,000 396,000