The following is the trial balance of T. Owen as at 31 March 2012. Draw up a set of financial statements for the year ended 31 March 2012.

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Inventory: 1 April 2011 Sales Purchases Carriage inwards Carriage outwards Returns outwards Wages and salaries Business rates Communication expenses Commissions paid Insurance Sundry expenses Buildings Accounts receivable Accounts payable Fixtures Cash at bank Cash in hand Drawings Capital Inventory at 31 March 2012 was 58,440. Dr 52,800 141,300 1,350 5,840 63,400 3,800 714 1,930 1,830 208 125,000 45,900 1,106 31,420 276 37,320 514,194 Cr 276,400 2,408 24,870 210,516 514,194