QUESTION: The following trial balance was extracted from the books of Segun Enterprises as at 31st December, 2007. Dr Cr Stock 34,000 Sales 384,680 Purchases 334,360 Carriage inwards 840 Carriage outwards 3,150 Returns outwards 1,280 Wages and salaries 24,480 Rent 6,030 Rates 2,320 Communication expenses 1,200 Telephone 80 Commission payable 400 Insurance 800 Sundry expenses 6,100 Buildings 40,640 Debtors 28,000 Creditors 36,000 Fixtures 5,700 Cash at bank 5,950 Cash in hand 2,240 Loan from Daudu 20,000 Drawings 13,240 Capital 67,250 Interest received 320 509,530 509,53 Additional information: 1. Stock at close was #64,000 2. Depreciation at cost: Fixtures 10% 3. Bad debt written off #300 4. Provision for discount on debtors 5%. Create a bad debt provision of 2% 5. Telephone owing #20 6. Sundry expenses in advance #30 7. Interest owing #40 8. The owner withdrew goods worth #500 You are required to prepare: Trading and profit and loss account for the year ended 31st December, 2007 and Balance Sheet as at that date. please answer this