Perry Holder did not keep a full set of accounting records for his business. However, th information has been obtained to help prepare his financial statements for the year en Non-current assets at net book value Inventory Trade receivables Rent prepayment Trade payables Telephone expense accrued Dr Balance b/d on 1 May 20-7 Receipts from trade receivables Balance c/d at 30 April 20-8 Sales revenue Cost of sales: Opening inventory. Purchases Closing inventory Cost of sales Gross profit Less expenses: Telephone Rent and rates Other expenses Depreciation Profit/loss for the year At 30 April 20-7 £ Bank account Perry Holder Income statement for the year ended 30 April 20-8 £ 90880 68600 8260 8240 650 5160 430 £ 2310 Payments to trade payables. 79 200 Rent and rates 9370 Telephone expenses General expenses Drawings 8260 53 190 ? 3690 13800 4740 ? £ 94300 ? Additional information . There were no cash sales or cash purchases during the year. Depreciation of non-current assets was provided at 20 per cent using the reducing • There were no additions or disposals of non-current assets during the year. All sales achieved a 40 per cent gross profit margin. 2 Prepare a statement of financial position for Perry Holder's business at 30 April 20-8. [28 marks, includes 2 marks for quality of presentation]
