Bernard’s Retail extracted a Trial Balance from their books of accounts on 31 December 2010, the last day of its accounting period, as shown on the right. You are informed that:

(a) All goods purchased have been sold by the the year-end.

(b) No expenses remain unpaid.

(c) Ignore depreciation.

Required:

(i) The Statement of income for the year ended 31 December 2010.

(ii) The Statement of financial position as at 31 December 2010.

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Trial Balance as at 31 December 2010 Debit Credit Motor vehicles a/c Stationery a/c Capital a/c Cash a/c Purchases a/c Sales a/c Joe's Loan a/c Rent a/c Salaries a/c Advertising a/c Vehicle maintenance a/c Interest a/c £f 8,200 145 628 4,125 400 800 528 412 210 15,448 4 - 5,000 - 6,948 3,500 - - - - - 15,448