F. Brown drew up the following trial balance as at 30 September 2015. You are to draft the statement of profit or loss for the year ending 30 September 2015 and a statement of financial position as at that date.

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Dr Cr f Capital Drawings Cash at bank Cash in hand 49,675 28,600 4,420 112 Accounts receivable 38,100 Accounts payable 26,300 Inventory: 30 September 2014 72,410 Van 5,650 Office equipment 7,470 Sales 391,400 Purchases 254,810 Returns inwards 2,110 Carriage inwards Returns outwards Carriage outwards Motor expenses Rent Telephone charges 760 1,240 2,850 1,490 8,200 680 Wages and salaries 39,600 Insurance 745 Office expenses 392 Sundry expenses 216 468,615 468,615 Inventory at 30 September 2015 was 89,404.