On completion of one week of trading Mike Burton extracted a Trial Balance from his books of account as shown. He informs you that:

(a) All goods bought for sale have been sold;

(b) All expenses have been paid for; and

(c) He does not want to depreciate the furniture.

Required:

(a) The Statement of income for the week ending 7 January 2010, and

(b) The Statement of financial position as at that date.

Transcribed Image Text:

Trial Balance as at 7 January 2010 Debit Capital a/c Cash a/c Bank a/c Furniture a/c Purchases a/c Sales a/c Office cleaning a/c Advertising a/c Sylvia Loan a/c £ - 5,050 4,710 2,400 7,290 - 130 940 20,520 Credit £ 10,000 - - 9,520 1,000 20,520