Abhinav is a trader.Using the following information taken from Abhinav’s books on

Abhinav is a trader.

Using the following information taken from Abhinav’s books on 30 June 20–8:
a. Prepare a trial balance at 30 June 20–8
b. Prepare an income statement for the year ended 30 June 20–8
c. Prepare a statement of financial position at 30 June 20–8.
                                                                         $
Capital …………………………………….         54,400
Drawings  …………………………………….      1,300
Premises  …………………………………….    30,000
Fixtures  …………………………………….        4,000
Revenue  …………………………………….     82,000
Purchases  …………………………………….  70,100
Inventory 1 July 20–7 ……………………..  18,600
Carriage inwards  ………………………           400
Carriage outwards  ………………….          1,500
Trade receivables  …………………..         14,000
Trade payables  ………………………….       8,000
Discount received  ……………………            210
Insurance  …………………………………….       390
Sundry expenses  ……………………..           340
Wages  …………………………………….        10,300
Rates  …………………………………….           1,200
Loan interest  ……………………………           500
Long-term loan from ABC Loans  …..  10,000
Cash at bank  ……………………..                1,980

Inventory at 30 June 20–8 was valued at $20,100.

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