1
The following is a summary of Jane’s bank account for the year ended 31 December 2002:
£ £
Balance 1.1.2002 4,100 Payments to creditors for goods 67,360
Receipts from debtors 91,190 Rent 3,950
Balance 31.12.2002 6,300 Insurance 1,470
Sundry expenses 610
Drawings 28,200
101,590 101,590
All of the business takings have been paid into the bank with the exception of £17,400. Out of this,
Jane has paid wages of £11,260, drawings of £1,200 and purchase of goods £4,940.
The following additional information is available:
31.12.2001 31.12.2002
Stock 10,800 12,200
Creditors for goods 12,700 14,100
Debtors for goods 21,200 19,800
Insurance prepaid 420 440
Rent owing 390 –
Fixtures at valuation 1,800 1,600
You are to draw up a set of financial statements for the year ended 31 December 2002. Show all of
your workings.