Malcolm’s trial balance as at 30 June 20X1 was as follows:
Capital account as at 1 July 20X0
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Cost of goods sold
Cash at bank
The following information is relevant:
1. Wages payable but unpaid at 30 June 20X1 amounted to £750.
2. Rent accrued and unpaid to 30 June 20X1 amounted to £3,000.
3. The figure of insurance expense includes a prepayment at 30 June 20X1 of £400.
Prepare Malcolm’s profit and loss account for the year ended on 30 June 20X1 and his balance sheet as at that date.
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