The following represents balances that were extracted from the books of T.

Lawrence

Gross Profit $20,000

Rent $4000
Discount Received $500
Insurance $3500
Office Expenses $700
Motor Expenses $7000
Commission Received $10,000
Carriage Outwards $1200
Motor Van $4500
Rent Received $800

Prepare the profit and loss account Mr. Lawrence for the year ended December 31, 2020

T. Lawrence
Profit and Loss Account
for the Year Ended 2020
$ $ $
Gross Profit 20000
Add Revenues:
Rent Received 800
Discount Received 500
Commission Received 10000 11300
31300
Less Expenses:
Office Expenses 700
Motor Expenses 7000
Insurance 3500
Rent 4000
Carriage Outwards 1200 16400
Net Profit 14900