Return to Review Question 7.2 and prepare a statement of financial position as at 30 June 2016.

Data From Review Question 7.2

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7.2 From the following trial balance of G. Foot after his first year's trading, you are required to draw up a statement of profit or loss for the year ending 30 June 2016. A statement of financial position is not required. Trial balance as at 30 June 2016 Dr Cr Sales 266,000 Purchases 154,000 Rent 3,800 Lighting and heating expenses 700 Salaries and wages 52,000 Insurance 3,000 Buildings Fixtures 84,800 2,000 Accounts receivable 31,200 Sundry expenses 300 Accounts payable 16,000 Cash at bank 15,000 Drawings 28,600 Vans 16,000 Motor running expenses 4,600 Capital 114,000 396,000 396,000 Inventory at 30 June 2016 was 18,000.