From the following trial balance of F. Dover drawn-up on conclusion of his first year in business, draw up a statement of profit or loss for the year ending 31 May 2017. A statement of financial position is not required.

Inventory at 31 May 2017 was £28,972.
(Keep your answer; it will be used later in Review Question 8.3A.)

Data From Review Question 8.3A

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Dr Cr Trial balance as at 31 May 2017 w General expenses Business rates 610 4,800 Motor expenses 1,820 Salaries 79,120 Insurance 2,480 Purchases 242,080 Sales 471,624 Car 8,600 Accounts payable 22,400 Accounts receivable 42,160 Premises 106,000 Cash at bank 5,430 Cash in hand 650 Capital 46,526 Drawings 46,800 540,550 540,550