From the following trial balance and additional information construct an income statement for the year ended 31 March 2016 and a balance sheet as at that date.
K Emery Trial balance as at 31 March 2016
| Dr £ | Cr £ | |
| Sales | 92,300 | |
| Purchases | 65,620 | |
| Opening inventory | 4,232 | |
| Premises | 85,000 | |
| Vehicles | 11,200 | |
| Debtors | 3,453 | |
| Creditors | 5,981 | |
| Returns inwards | 328 | |
| Returns outwards | 209 | |
| General expenses | 1,897 | |
| Office expenses | 2,310 | |
| Wages | 14,600 | |
| Insurance | 880 | |
| Provision for depreciation on premises | 12,000 | |
| Provision for depreciation on vehicles | 4,500 | |
| Capital | 85,000 | |
| Drawings | 13,200 | |
| Bank | 2,730 | |
| 202,720 | 202,720 |
Additional information:
(a)Inventory as at 31 March was valued at £6,790.
(b)As at 31 March 2016 the following balances were prepaid:
iOffice expenses £450
iiInsurance £260.
(c)Depreciation is to be provided for as follows:
iPremises:2% on cost
iiVehicles:20% on reducing balance.
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