The following trial balance was extracted from the books of Carson Traders on 31 December 2005 after preparing the trading account.
The following additional information is provided.
(a) Wages due shs. 5,400
(b) Rates paid in advance shs 650
(c) Motor vehicles to be depreciated 20% on cost.
You are required to prepare
(i) Profit and loss account for the year ended 31 Dec. 2005 (6mks)
(ii) Balance sheets as at 31st Dec. 2005 ( 4mks)