B. Good drew up the following trial balance as at 31 March 20X3.

Closing information included the following:
1. Inventories at the yearend were valued at £35,650.
2. An accrual for wages of £400 has still to be posted.
3. The last rent payment (on 15 February) for £1,000 covered the period 1 February to 31 May 20X3.
4. A rates prepayment has been calculated at £250.
5. An accrual for sundry expenses of £110 has still to be posted.
6. Rent income owing at the year end amounted to £100.
Required
Prepare the statement of profit and loss for the year ended 31 March 20X3 and the statement of financial position as at 31 March 20X3.
(An adjusted trial balance is not required. Show all the adjustments to the ledger accounts.)

Transcribed Image Text:

Debit Credit Sundry expenses Rent received Office expenses Insurance Wages and expenses Telephone Purchases and sales revenue Motor expenses 200 560 525 4,580 1,250 125,560 189,560 569 2,500 1,250 Corriage outwards Carriage inwards Returns outwords Retum inwards Building Motor vehicle Fixtures Trode receivables and payobles Cosh 230,000 12,500 5,365 28,560 12 48,560 32,250 Drowings Copital Opening inventories 2 178,907 2 449,779 449,779