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Accounting
Pete has extracted the following trial balance from his books

Pete has extracted the following trial balance from his books

Pete has extracted the following trial balance from his books of account as at 31 May 2011:

Required:
Prepare Pete's trading and profit and loss account for the year to 31 May 2011 and a balance sheet as at thatdate.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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Dr £000 Cr £000 15 Bank Building society account Capital (as June 2010) 100 200 Heat, light and fuel Insurances Interest received Land and property (at cost) Long-term loan Long-term loan interest paid Motor vehicles (at cost) Motor vehicle expenses Plant and equipment (at cost) Property maintenance Purchases Repairs to machinery Rent and rates Sales Wages and salaries 18 10 50 90 12 100 65 900 250 1166 1166