The year-end Trial Balance of a general store owned by Dolly Stress has been extracted as shown. You have been informed as follows:

(a) On the basis of a physical count the cost of inventory held on 30 June 2011 is established as £715,000.

(b) The following have not been accounted for: Goods costing £3,000 taken home by Dolly Goods costing £12,000 have gone missing.

(c) All expenses have been paid in full.

(d) Ignore depreciation of non-current assets.

Required:

(a) The Statement of income for the year ended 30 June 2011; and

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

Transcribed Image Text:

Trial Balance as at 30 June 2011 Non-current assets Inventory on 30 June 2010 Purchases Sales Returns inwards Carriage inwards Salaries and wages Rent Drawings Returns outwards Trade receivables Trade payables Other expenses Cash and bank Capital £'000 £'000 820 594 7,215 - 124 219 1,245 600 30 - 124 298 31 9,950 - I I I 55 - 295 - 1,000 11,300 11,300