Chapter 2 + Incomplete Records and Correction of Errors 129 13. A shopkeeper, A. Confuser, who has little knowledge of accounting, has kept only some records of his business transactions. He commenced trading on 1 July 2020, by purchasing for $172,000 cash, a business as a going concern. ‘The assets and liabilities consisted of Plant $40,000; Inventory $120,000; Accounts Receivable $25,000 and Accounts Payable $13,000. At 31 December 2020 he engages you to put his books of account in order and to tell him the amount of his profit to date. His records disclose: Gash receipts from accounts receivable banked (all for credit sales) $143,200 Credit Sales 169,400 ‘Account balances at 31 December Accounts Receivable 51,200 Accounts Payable 11,600 Inventory 95,000 Sundry Payments Accounts Payable $121,500 Rent 2,500 1550 1,360 250 Insurance Electricity Stamps and Stationery Drawings 5,000 132,160 Not registered for GST. Required: (a) Ledger accounts for Accounts Receivable, Accounts Payable and Bank. (b) Trial Balance as at 31 December 2020. (© Income Statement for the six months ended 31 December 2020. (d) Balance Sheet as at 31 December 2020.