From the trial balance below:        
    Identify each item using a letter:        
    "g" if the item is needed for gross profit        
    "e" if the item is an expense        
    "ca" if the item is an current asset        
    "fa" if the item is a fixed asset        
    "cl" if the item is a current liability        
    "fl" if the item is a fixed liability        
    "c" if the item affects capital        
    "r" if the item is a revenue        
    Then complete the income statement.        
                   
Q1)                
  Identify Trial Balance DR CR          
  Bank £7,600            
  Carriage Out £850            
  Premises £250,000            
  Accounts Payable   £7,500          
  Sales   £54,000          
  Carriage In £1,200            
  Capital   £235,550          
  Cash £2,300            
  Commissions Received   £5,000          
  Loan   £15,000          
  Rent Received   £12,000          
  Opening Inventory £3,700            
  Commissions Payable £2,500            
  Drawings £500            
  Machinery £20,000            
  General Expenses £800            
  Electricity £1,200            
  Purchases £24,000            
  Salaries £4,000            
  Accounts Receivable £8,500            
  Returns £1,300 £2,400          
  Vehicle Expenses £3,000            
               
                   
    Closing Inventory 5400            
                   
    Income Statement £ £          
               
               
                 
    Less Cost of Goods Sold              
               
               
               
               
               
                 
    Gross Profit            
                   
                   
    From the trial balance below:        
    Identify each item using a letter:        
    "g" if the item is needed for gross profit        
    "e" if the item is an expense        
    "ca" if the item is an current asset        
    "fa" if the item is a fixed asset        
    "cl" if the item is a current liability        
    "fl" if the item is a fixed liability        
    "c" if the item affects capital        
    "r" if the item is a revenue        
    Then complete the income statement.        
                   
Q2)                
  Identify Trial Balance DR CR          
  Premises £700,000            
  Carriage Out £3,500            
  Carriage In £5,000            
  Cash £4,000            
  Loan   £300,000          
  Sales   £560,700          
  Rent   £58,000          
  Commissions Payable £12,400            
  Drawings £4,500            
  General Expenses £9,500            
  Purchases £130,000            
  Accounts Receivable £45,600            
  Returns £2,100 £3,400          
  Capital   £200,100          
  Vehicle Expenses £12,500            
  Commissions   £70,000          
  Salaries £90,000            
  Electricity £5,000            
  Bank £60,000            
  Machinery £120,000            
  Accounts Payable   £17,500          
  Opening Inventory £5,600            
               
                   
    Closing Inventory £8,500            
                   
    Income Statement £ £          
               
               
                 
    Less Cost of Goods Sold              
               
               
               
               
               
                 
    Gross Profit            
                   
                   
    From the trial balance below:        
    Identify each item using a letter:        
    "g" if the item is needed for gross profit        
    "e" if the item is an expense        
    "ca" if the item is an current asset        
    "fa" if the item is a fixed asset        
    "cl" if the item is a current liability        
    "fl" if the item is a fixed liability        
    "c" if the item affects capital        
    "r" if the item is a revenue        
    Then complete the income statement.        
                   
Q3)                
  Identify Trial Balance DR CR          
  Carriage In £700            
  Accounts Payable   £12,400          
  Cash £4,000            
  Sales   £120,000          
  Purchases £35,000            
  Commissions Received   £15,000          
  Opening Inventory £6,000            
  Drawings £2,300            
  General Expenses £7,500            
  Premises £350,000            
  Salaries £30,000            
  Carriage Out £3,000            
  Accounts Receivable £8,500            
  Returns £1,200 £2,300          
  Vehicle Expenses £5,000            
  Rent Received   £25,000          
  Electricity £6,000            
  Commissions Payable £2,300            
  Machinery £50,000            
  Capital   339800          
  Loan   £12,000          
  Bank £15,000            
               
                   
    Closing Inventory £6,500            
                   
    Income Statement £ £          
               
               
                 
    Less Cost of Goods Sold              
               
               
               
               
               
                 
    Gross Profit            
                   
                   
    From the trial balance below:        
    Identify each item using a letter:        
    "g" if the item is needed for gross profit        
    "e" if the item is an expense        
    "ca" if the item is an current asset        
    "fa" if the item is a fixed asset        
    "cl" if the item is a current liability        
    "fl" if the item is a fixed liability        
    "c" if the item affects capital        
    "r" if the item is a revenue        
    Then complete the income statement.        
                   
Q4)                
  Identify Trial Balance DR CR          
  Premises £470,000            
  Machinery £90,000            
  Sales   £645,000          
  Carriage Out £2,000            
  Purchases £54,000            
  Capital   £200,000          
  Cash £12,500            
  Commissions Received   £80,000          
  Rent Received   £54,000          
  Commissions Payable £32,000            
  Carriage In £3,400            
  Drawings £5,000            
  Bank £120,000            
  Electricity £9,500            
  Accounts Receivable £24,500            
  Salaries £200,000            
  Opening Inventory £12,000            
  Loan   £50,000          
  Business Rates £2,400            
  Vehicle Expenses £9,400            
  Accounts Payable   £14,500          
  Returns £1,300 £4,500          
               
                   
    Closing Inventory £9,600            
                   
    Income Statement £ £          
               
               
                 
    Less Cost of Goods Sold              
               
               
               
               
               
                 
    Gross Profit