A. Bell has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 2015 is as follows:
|
|
£
|
|
£
|
|
Balance 1.1.2015
|
920
|
Cash withdrawn from bank
|
12,600
|
|
Receipts from debtors
|
94,200
|
Trade accounts payable
|
63,400
|
|
Loan from F. Tung
|
2,500
|
Rent
|
3,200
|
|
|
|
Insurance
|
1,900
|
|
|
|
Drawings
|
11,400
|
|
|
|
Sundry expenses
|
820
|
|
|
|
Balance 31.12.2015
|
4,300
|
|
|
97,620
|
|
97,620
|
Records of cash paid were: Sundry expenses £180; Trade accounts payable £1,310. Cash sales amounted to £1,540.
The following information is also available:
|
|
31.12.2014
|
31.12.2015
|
|
|
£
|
£
|
|
Cash in hand
|
194
|
272
|
|
Trade accounts payable
|
7,300
|
8,100
|
|
Accounts receivable
|
9,200
|
11,400
|
|
Rent owing
|
-
|
360
|
|
Insurance paid in advance
|
340
|
400
|
|
Van (at valuation)
|
5,500
|
4,600
|
|
Inventory
|
24,200
|
27,100
|
You are to draw up a statement of profit or loss for the year ending 31 December 2015, and a statement of financial position as at that date. Show all of your workings.