Draw up a statement of profit or loss

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Reference no: EM131385966

A. Bell has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 2015 is as follows:

	£		£
Balance 1.1.2015	920	Cash withdrawn from bank	12,600
Receipts from debtors	94,200	Trade accounts payable	63,400
Loan from F. Tung	2,500	Rent	3,200
		Insurance	1,900
		Drawings	11,400
		Sundry expenses	820
		Balance 31.12.2015	4,300
	97,620		97,620

Records of cash paid were: Sundry expenses £180; Trade accounts payable £1,310. Cash sales amounted to £1,540.
The following information is also available:

	31.12.2014	31.12.2015
	£	£
Cash in hand	194	272
Trade accounts payable	7,300	8,100
Accounts receivable	9,200	11,400
Rent owing	-	360
Insurance paid in advance	340	400
Van (at valuation)	5,500	4,600
Inventory	24,200	27,100

You are to draw up a statement of profit or loss for the year ending 31 December 2015, and a statement of financial position as at that date. Show all of your workings.

Reference no: EM131385966

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