financialaccount-week89_Final_Acc_for_Sole_Trader-Lecturer_n_Student.docVIP

From the following balances and adjustments, prepare the Trading and Profit and Loss Accounts for the year ended 31 December 2005, and a Statement of Financial Position as at that date. RM Capital, 1 January 2005 10,000 Drawings 3,000 Stock, 1 January 2005 670 Sales 13,785 Purchases 4,976 Wages 800 Rent 600 Insurance 135 Lorry 10,000 Lorry expenses 900 Bank 600 Commission revenue 410 Furniture and fittings 2,000 Discount allowed 514 (i) The closing stock was valued at RM895. (ii) W