From the following trial balance and additional information construct an income statement for the year ended 31 July 2017 and a balance sheet as at that date.
K Atkinson Trial balance as at 31 July 2017
| Dr £ | Cr £ | |
| Sales | 168,000 | |
| Purchases | 75,000 | |
| Opening inventory | 11,000 | |
| Property | 200,000 | |
| Machinery | 28,000 | |
| Debtors | 7850 | |
| Creditors | 5,670 | |
| General expenses | 5,400 | |
| Maintenance expenses | 8,900 | |
| Wages | 35,000 | |
| Office expenses | 5,470 | |
| Provision for depreciation on property | 5,500 | |
| Provision for depreciation on machinery | 11,000 | |
| Provision for doubtful debts | 250 | |
| Capital | 148,000 | |
| Drawings | 17,500 | |
| Bank | 4,300 | |
| Loan | 60,000 | |
| 398,420 | 398,420 |
Additional information:
1Inventory as at 31 July 2017 is valued at £19,800.
2Depreciation is to be provided on cost at the following rates:
aProperty2%
bMachinery20%.
3Wages still owing as at 31 July 2017 were £2,400.
4Maintenance prepaid as at 31 July 2017 was £450.
5The provision for doubtful debts is to be maintained at 4% of debtors.
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