A Return to Review Question 7.3A and prepare a statement of financial position as at 31 May 2017.

Data From Review Question 7.3A

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7.3A From the following trial balance of F. Dover drawn-up on conclusion of his first year in busi- ness, draw up a statement of profit or loss for the year ending 31 May 2017. A statement of financial position is not required. Trial balance as at 31 May 2017 Dr Cr General expenses 610 Business rates 4,800 Motor expenses 1,820 Salaries 79,120 Insurance 2,480 Purchases 242,080 Sales 471,624 Car 8,600 Accounts payable 22,400 Accounts receivable 42,160 Premises 106,000 Cash at bank 5,430 Cash in hand 650 46,526 46,800 540,550 540,550 Capital Drawings Inventory at 31 May 2017 was 28,972.