The trial balance detailed below was provided by Alison Mayor to use as a basis for preparing the financial statements for year ended 30 April 2010.

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The trial balance detailed below was provided by Alison Mayor to use as a basis for preparing the financial statements for year ended 30 April 2010.

Trial Balance at 30/4/2010

(€’000)

AccountDebitCreditAdministration565Advertising42Bad debts130Bad debts recovered8Bank40Capital1,500Carriage in78Carriage out86Cash5Trade Payables / Creditors164Trade Receivables / Debtors200Discount allowed36Drawings48Equipment670Equipment (Accum. depreciation 1/5/2009)398Import duty25Interest7Light, heat and insurance38Loan (repayable in 2018)100Property1,240Provision bad debts (1/5/2009)9Provision discount (1/5/2009)12Purchases1,890Rent receivable60Returns in280Returns out165Salaries966Sales4,140Stock (1/5/2009)140Vehicles334Vehicles (Accum. depreciation 1/5/2009)184

Totals:
Debit = 6,780
Credit = 6,780

Additional Information

1. Stocks at the close of business on 30/4/2010 were valued at €125,000.

2. Rent receivable of €10,000 was outstanding at 30/4/2010.

3. Administration expenses were due and unpaid at 30/4/2010 amounted to €23,000.

4. Insurance prepaid at 30/4/2010 amounted to €5,000.

5. Equipment is to be depreciated at a rate of 20% per annum straight line.

6. Vehicles are to be depreciated at a rate of 40% per annum reducing balance.

Required

a) Prepare a Statement of Profit or Loss for the year ended 30/4/2010

b) Prepare a Balance Sheet as at 30/4/2010