The balances extracted from the books of G. Ryan at 31 December 20X2 are given below:

Additional information
At 31 December 20X2 inventory was valued at £33,990.
Required
a. Prepare the statement of profit and loss for the year ended 31 December 20X2.
b. Prepare the statement of financial position as at 31 December 20X2.

Transcribed Image Text:

Drawings Heating and ighting Stationery and postage Carriage outwards nsurnCe Wages and salaries Inventory at 1 January 20X2 Purchases Soles revenue Rent and rates 7,180 1,234 268 1,446 1,818 18,910 42,120 74,700 131,040 2,990 1,460 426 9,060 3,222 65 1,920 630 1,310 747 eneral expenses Discount received Plant and machinery Cash t bank Cash in hand Trade receivables Trade payables Soles returns Purchases returns