From the following trial balance produce an income statement for the year ended 31 March 2020 and a balance sheet as at that date.
L Blackmore Trial balance as at 31 March 2020
| £ | £ | |
| Sales | 75,543 | |
| Purchases | 45,342 | |
| Opening inventory | 5,341 | |
| Business premises | 195,000 | |
| Fixtures and fittings | 27,800 | |
| Trade receivables | 8,768 | |
| Trade payables | 10,641 | |
| Returns inwards | 434 | |
| Returns outwards | 991 | |
| Rent and insurance | 6,451 | |
| Office expenses | 4,990 | |
| Salaries | 18,090 | |
| Heating and lighting | 1,721 | |
| Loan repayable in 2025 | 165,000 | |
| Capital | 95,000 | |
| Drawings | 23,430 | |
| Bank | 9,808 | |
| 347175 | 347,175 |
As at 31 March 2020, inventory was valued at £6,101.
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