The trial balance extracted from the books of Mary a #8200

The trial balance extracted from the books of Mary, a sole trader, as at 31December 20X3 was
as follows:Additional information1. Inventory on hand on 31 December 20X3 is £94,280.2.
Rates paid in advance at 31 December 20X3 are £600.3.General expenses unpaid at 31
December 20X3 are £1,660.4. Provision for doubtful debts is to be adjusted to £2,410.5. A
motor van purchased on 1 January of this year at a cost of £8,000 was traded in for £3,500 on
31 December 20X3 and a new van purchased at a cost of £10,000 on the same day. The
amount due on the new van was payable on 1 January 20X4. No entries had been made in the
books in respect of this transaction when the trial balance at 31 December 20X3 was
extracted.6. Depreciation is to be charged on furniture and equipment at the rate of 5 per cent
per annum on cost and at the rate of 25 per cent per annum (reducing balance method) on
motor vehicles.RequiredPrepare Mary's statement of profit and loss for the year ended 31
December 20X3 and statement of financial position as at 31 December 20X3.View Solution:
The trial balance extracted from the books of Mary a

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