A. Bell has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 2018 is as follows:

Records of cash paid were: Sundry expenses \(£ 180\); Trade payables \(£ 1,310\). Cash sales amounted to \(£ 1,540\).
The following information is also available:

You are to draw up an income statement for the year ending 31 December 2018, and a balance sheet as at that date. Show all of your workings.

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Balance 1.1.2018 Receipts from debtors Loan from F. Tung 920 94,200 2,500 97,620 Cash withdrawn from bank Trade payables Rent Insurance Drawings Sundry expenses Balance 31.12.2018 f 12,600 63,400 3,200 1,900 11,400 820 4,300 97,620