Extract a statement of profit or loss for the year ending 30 June 2016 for G. Graham. The trial balance as at 30 June 2016 after his first year of trading was as follows:

Inventory at 30 June 2016 was £29,304.
(Keep your answer; it will be used later in Review Question 8.4A.)

Data From Review Question 8.4A

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Dr Cr f Equipment rental 940 Insurance 1,804 Lighting and heating expenses 1,990 Motor expenses 2,350 Salaries and wages 48,580 Sales 382,420 Purchases 245,950 Sundry expenses 624 Lorry 19,400 Accounts payable 23,408 Accounts receivable 44,516 Fixtures 4,600 Shop 174,000 Cash at bank 11,346 Drawings 44,000 Capital 194,272 600,100 600,100