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Part B $-$ Financial Statements

Sally runs her own retail business called Sally's Shoes Limited $($SSL$).$ SSL uses a perpetual inventory system. It is the end of the $20$X$7$ financial year and Sally has asked you to help he prepare the financial statements for the year ended $31$st March $20$X$7.$ You have been provided with the adjusted trial balance as at $31$st March $20$X$7.$

$\backslash$table$[[\backslash$table$[[$Trial Balance$],[$Sally$\text{'}$s Shoes Limited$],[$as at $31$st March $20$X$7]],,],[,$DR$,$CR$],[$Bank#$1,107,300,],[$Bank #$2,16,800,],[$Accounts Receivable,$24,800,],[$Provision for Doubtful Debts,,$2,500],[$Inventory$,8,300,],[$Short Term Deposit,$25,000,],[$Work Vehicle $-$ Sales Team,$15,600,],[$Accumulated Depreciation $-$ Work Vehicle,,$6,240],[$Accounts Payable,,$19,000],[$Loan$,,55,420],[$Capital $($as at $1$ April $20$x$6),,83,900],[$Funds Introduced,,$16,000],[$Drawings$,20,400,],[$Income$,,190,000],[$Cost of Goods Sold,$36,750,],[$Interest Income,,$5,720],[$Advertising$,9,500,],[$Bad Debt Expense,$2,180,],[$Depreciation Expense,$3,120,],[$Freight$,1,900,],[$Insurance$,1,690,],[$Interest Expense,$3,400,],[$Kitchen Supplies,$1,680,],[$Motor Vehicle Expenses,$4,800,],[$Rent Paid,$22,300,],[$Stationery$,3,500,],[$Sales Commission Paid,$13,000,],[$Subscription Fees,$680,],[$Wages$,56,080,],[$Total$,378,780,378,780]]$

Required:

Using the adjusted trial balance prepare the Profit & Loss Statement and the Balance Sheet

$\backslash$table$[[$Profit and Loss Statement$],[$Income the year ended $31$st March $20$X$7,,]]$

$\backslash$table$[[$Balance Sheet$],[$as at $31$st March $20$X$7,,],[$Current Assets,,$],[,,],[,,],[,,],[,,],[,,],[$Total Current Assets,,$],[$Non$-$Current Assets,,$],[,,],[,,],[,,],[$Total Non$-$Current Assets,,$],[$TOTAL ASSETS,,$],[,,],[$LIABILITIES$,,],[,,],[,,],[,,],[$Total Current Liabilities,,$],[$Non$-$Current Liabilities,,$],[,,],[,,],[$Total Non$-$Current Liabilities,,$],[$TOTAL LIABILITIES,,$],[,,],[$NET ASSETS,,$],[,,],[$EQUITY$,,],[$Opening Balance,,$],[$Funds Introduced,,$],[$Drawings$,,],[$Profit$/($Loss$),,],[$CLOSING EQUITY,,$],[,,]]$

Have another go preparing the financial statements if your Net Assets and Closing quity don't come to $104,800\mathrm{.}80.$

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