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Mrs. M. Botham is a sole trader, selling a variety of fashionable clothing materials. Her business year end is 31 December 2011.
You have been given the following trial balance for the year ended 31 December 2011 with all the relevant year-end adjustments already included.
(a) Prepare an income statement the business for the year ended 31 December 2011.
Mrs Botham trading as Fashionable Clothing Material
Trial balance as at 31 December 2011
Dr £
Cr £
Accruals
1,000
Bank
2,000
Capital
11,750
Closing inventory
15,250
Depreciation charge
3,450
Discounts allowed
3,300
Drawings
17,750
Rent and rates
Travelling expenses
Insurance
Telephone
11,250
8,210
2,750
650
Heating and lighting
Plant and machinery at cost
1,850
19,500
Plant and machinery accumulated depreciation
8,390
Opening inventory
16,070
Prepayments
1,450
Purchases
114,580
Purchases returns
Purchases ledger control account
440
12,330
Advertising
11,810
Sales
214,740
Sales returns
Sales ledger control account
600
16,750
VAT
1,720
Wages
18,400
265,620
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