Prepare the profit and loss account for top to toe

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Reference no: EM131201606

Prepare the profit and loss account for Top-to-Toe for the year ending 31 December 1988

Rob Walters has a business called Walters Watches which has the following items in its balance sheet as at 31 March 1998:

Capital 85,000

Creditors 5,000

Bank loan 15,000

Fixtures and !Rungs 45,000

Stocks 24.000

Debtors 17,000

Bank balance 19,000

During the first week of April. the business:
• bought more stock on credit for £7 ,000;

• repaid the bank loan in full;

• collected a cheque for £7 ,000 from a debtor;

• bought more fixtures and fittings, paying £5,000 for them by cheque;

• paid one of its creditors £3,000 by cheque.

Reference no: EM131201606

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