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:


Pete has extracted the following trial balance from his books


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...