Q(3)
From the following trial balance of T Williams, prepare a
Statement of Profit or Loss for the year ended 31 May Year7 together with a Statement of Financial Position at that date.
T Williams Trial Balance at 31 May Year7
\begin{tabular}{|c|c|c|}
\hline & De & Cr \\
\hline & \$ & \$ \\
\hline Revenue & & 139,200 \\
\hline Purchase & 103,500 & \\
\hline Wages and salaries & 15,320 & \\
\hline Building & 32,000 & \\
\hline Inventory & 27,230 & \\
\hline Carriage inwards & 630 & \\
\hline Rent & 5,400 & \\
\hline Fixtures and fittings & 4,250 & \\
\hline Return Outwards & & 960 \\
\hline Insurance & 325 & \\
\hline Return inwards & 430 & \\
\hline Trade Receivables & 21,460 & \\
\hline Trade payable & & 12,240 \\
\hline Loan from Tsmart, r & & \\
\hline Year 11 & & 15,000 \\
\hline Sundry expenses & 475 & \\
\hline Carriage outwards & 2,340 & \\
\hline Cash at bank & 4,450 & \\
\hline Cash in hand & 195 & \\
\hline Drawings & 11,400 & \\
\hline Capital & & 62,005 \\
\hline
\end{tabular}
Total
229,405
229,405
Inventory at 31 March Year7 valued at \( \$ 30,580 \).