The assets and liabilities of a shop owned by Simon are stated. Transactions in 2011 were as follows:

(i) Drawings by the proprietor £40,000

(ii) Payments to suppliers £1,731,600

(iii) Receipts from customers £2,160,000

(iv) Paid as salary £180,000

(v) Paid for other expenses £154,800

Required: 

Prepare:

(a) A summarised Cash Book and

(b) Financial statements for 2011.

Transcribed Image Text:

As at 31 December Non-current assets Accumulated depreciation Inventory Trade receivables Bank balance Trade payables 2010 £ 96,400 (24,600) 2011 £ 112,800 (32,400) 71,800 80,400 235,500 252,800 43,200 46,800 2,160 ? 97,200 109,800