Malcolm’s trial balance as at 30 June 20X1 was as follows: £ £ Capital account as at 1 July 20X0…

Malcolm’s trial balance as at 30 June 20X1 was as follows:

 

£

£

Capital account as at 1 July 20X0

 

29,000

Creditors

 

21,000

Debtors

22,650

 

Cost of goods sold

144,000

 

Drawings

32,100

 

Sales

 

243,000

Stock

36,000

 

Vehicles

21,000

 

Wages expense

14,250

 

Sundry expenses

3,000

 

Rent expense

13,500

 

Insurance expense

2,000

 

Cash at bank

4,500

 

 

293,000

293,000

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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