The following trial balance has been extracted from the ledger of Andrea Howell, a sole trader, as at 31 May 20X3, the end of her most recent financial year.

The following additional information as at 31 May 20X3 is available:
1. Inventories as at the close of business were valued at £25,900.
2. Depreciation for the year ended 31 May 20X3 has yet to be provided as follows:
Property: 1 per cent using the straight-line method.
Equipment: 15 per cent using the straight-line method.
3. Wages and salaries are accrued by £140.
4. 'Other operating expenses' include certain expenses prepaid by £500. Other expenses included under this heading are accrued by £200.
5. The provision for bad debts is to be adjusted so that it is 0.5 per cent of trade receivables as at 31 May 20X3.
6. 'Purchases' include goods valued at £1,040 that were withdrawn by Mrs Howell for her own personal use.
Required
Prepare Mrs Howell's statement of profit and loss for the year ended 31 May 20X3 and her statement of financial position as at 31 May 20X3.

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Dobit Crodit Property, at cost Equipment, at cost Provision for depreciation (as ot 1 June 20X2 90,000 57,500 12,500 32,500 - property - equipment Inventories as at 1 June 20x2 Purchases Sales revenue Discounts allowed Discounts received Wages ond salaries Bad debts Loan interest 27,400 259,600 405,000 3,370 4,420 52,360 1,720 1,560 5,310 38,800 46,200 arriage out Other operoting expenses Trade receivables Trade payables Provision for bad debts Cash on hand Bank overdraft Drawings 13% loan Copital, os Jue 20x2 33,600 280 151 14,500 28,930 12,000 98,101 612,90 612,901