Paul Icasso has the following trial balance.

Required:

Prepare Paul Icasso’s trading and income statement for the year ended 31 March 2013 and a statement of financial position as at 31 March 2013.

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P. Icasso Trial Balance as at 31 March 2013 Debit Credit Hotel 50,000 Van 8,000 Revenue 35,000 Purchases 25,000 Sales returns 3,000 Purchases returns 4,000 Equity 60,050 Bank 9,000 Electricity 1,000 Advertising 800 Trade receivable Shah 1,250 Trade receivable Chan 2,250 Trade payable Jones 1,250 100,300 100,300