B.

Webb
Trading and Profit and Loss Account for the Year ended 31 December 2012

Sales 18,462
Purchases 14,629
Closing inventory 2,548 12,081
Gross Profit 6,381

Expenses
Salaries 2,150
Motor expenses 520
Rent and rates 670
Water charges 895
Insurance 111
General expenses 105
Net profit 4,451
1,930

B. Webb
Balance Sheet as at 31 December 2012

Non-Current Assets 1,500

Premises 1,200
Vehicles 2,700

Current Assets
Inventory 2.548
Receivables 1,950
Bank 1,654
Cash 40
6,192
Total assets 8,892

Equity
Capital balance at the start of the year 5,424
Net/retained profit for the year 1,930
7,354

Liabilities
Current Liabilities - Payables 1,538

Total equity & liabilities 8,892