Question: Eric Stupher was trading as a furniture manufacturer and he submits to you the following information relating to the year ended 30th September, 1961.
Included in the debtors is a debt for £175 which Mr. Stupher considers doubtful. Durmg the year Mr. Stupher had personally purchased a new motor vehicle for use in the business for £1,200 and had received an allowance on this purchase for the old vehicle of £500. From the foregoing information you are required to prepare a Balance Sheet as at 30th September, 1961 and Trading and Profit & Loss Accounts for the year ended on that date. Calculations may be made to the nearest £.