Prepare a Statement of Profit or Loss for the period ended 30 November 2014 and a Statement of Financial Position.

Here are the ledger accounts for the transactions during the year ended 30 November 2014, including opening balances where applicable.

Step 1: Post opening balances and transactions to relevant ledger accounts.

1. Land and Buildings Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 920,000 & \text{2014 Nov 30} & \text{Bal c/d} & 920,000 \\ \hline & & \textbf{920,000} & & & \textbf{920,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 920,000 & & & \\ \hline \end{array}$$

2. Accumulated Depreciation - Land and Buildings Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 10,000 & \text{2014 Nov 30} & \text{Depreciation Expense} & 10,000 \\ \hline & & \textbf{10,000} & & & \textbf{10,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 10,000 \\ \hline \end{array}$$

3. Motor Vehicles Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 650,000 & \text{2014 Nov 30} & \text{Bal c/d} & 1,050,000 \\ \text{2014 Nov 30} & \text{Payables (Acquisition)} & 400,000 & & & \\ \hline & & \textbf{1,050,000} & & & \textbf{1,050,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 1,050,000 & & & \\ \hline \end{array}$$

4. Accumulated Depreciation - Motor Vehicles Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 50,000 & \text{2014 Nov 30} & \text{Depreciation Expense} & 50,000 \\ \hline & & \textbf{50,000} & & & \textbf{50,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 50,000 \\ \hline \end{array}$$

5. Office Equipment Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 700,000 & \text{2014 Nov 30} & \text{Bal c/d} & 1,000,000 \\ \text{2014 Nov 30} & \text{Bank (Computers)} & 300,000 & & & \\ \hline & & \textbf{1,000,000} & & & \textbf{1,000,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 1,000,000 & & & \\ \hline \end{array}$$

6. Accumulated Depreciation - Office Equipment Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 40,000 & \text{2014 Nov 30} & \text{Depreciation Expense} & 40,000 \\ \hline & & \textbf{40,000} & & & \textbf{40,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 40,000 \\ \hline \end{array}$$

7. Inventories Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 120,000 & \text{2014 Nov 30} & \text{Bal c/d} & 180,000 \\ \hline & & \textbf{120,000} & & & \textbf{180,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 180,000 & & & \\ \hline \end{array}$$

8. Receivables Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 240,000 & \text{2014 Nov 30} & \text{Bank (Receipts)} & 580,000 \\ \text{2014 Nov 30} & \text{Sales (Credit)} & 550,000 & \text{2014 Nov 30} & \text{Bal c/d} & 210,000 \\ \hline & & \textbf{790,000} & & & \textbf{790,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 210,000 & & & \\ \hline \end{array}$$

9. Provision for Doubtful Debts Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 21,000 & \text{2014 Nov 30} & \text{Bad Debts Expense} & 21,000 \\ \hline & & \textbf{21,000} & & & \textbf{21,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 21,000 \\ \hline \end{array}$$

10. Bank Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2013 Dec 1} & \text{Bal b/d} & 70,000 & \text{2014 Nov 30} & \text{Purchases (Cash)} & 240,000 \\ \text{2014 Nov 30} & \text{Sales (Cash)} & 800,000 & \text{2014 Nov 30} & \text{Payables (Payment)} & 400,000 \\ \text{2014 Nov 30} & \text{Receivables (Receipts)} & 580,000 & \text{2014 Nov 30} & \text{Payments (General)} & 70,000 \\ & & & \text{2014 Nov 30} & \text{Salaries} & 210,000 \\ & & & \text{2014 Nov 30} & \text{Utilities} & 60,000 \\ & & & \text{2014 Nov 30} & \text{City Rates} & 20,000 \\ & & & \text{2014 Nov 30} & \text{Loan (Principal)} & 100,000 \\ & & & \text{2014 Nov 30} & \text{Advertisement} & 40,000 \\ & & & \text{2014 Nov 30} & \text{Insurance} & 80,000 \\ & & & \text{2014 Nov 30} & \text{Office Equipment (Computers)} & 300,000 \\ & & & \text{2014 Nov 30} & \text{Bal c/d} & 30,000 \\ \hline & & \textbf{1,450,000} & & & \textbf{1,450,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 30,000 & & & \\ \hline \end{array}$$

11. Prepaid Utilities Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Utilities Expense} & 10,000 & \text{2014 Nov 30} & \text{Bal c/d} & 10,000 \\ \hline & & \textbf{10,000} & & & \textbf{10,000} \\ \text{2014 Dec 1} & \text{Bal b/d} & 10,000 & & & \\ \hline \end{array}$$

12. Payables Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bank (Payment)} & 400,000 & \text{2013 Dec 1} & \text{Bal b/d} & 110,000 \\ \text{2014 Nov 30} & \text{Bal c/d} & 430,000 & \text{2014 Nov 30} & \text{Purchases (Credit)} & 320,000 \\ & & & \text{2014 Nov 30} & \text{Motor Vehicles (Acquisition)} & 400,000 \\ \hline & & \textbf{830,000} & & & \textbf{830,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 430,000 \\ \hline \end{array}$$

13. Loan (10% interest) Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bank (Payment)} & 100,000 & \text{2013 Dec 1} & \text{Bal b/d} & 600,000 \\ \text{2014 Nov 30} & \text{Bal c/d} & 500,000 & & & \\ \hline & & \textbf{600,000} & & & \textbf{600,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 500,000 \\ \hline \end{array}$$

14. Accrued Loan Interest Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 50,000 & \text{2014 Nov 30} & \text{Loan Interest Expense} & 50,000 \\ \hline & & \textbf{50,000} & & & \textbf{50,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 50,000 \\ \hline \end{array}$$

15. Accrued Rentals Account

$$\begin{array}{|l|l|r|l|l|r|} \hline \text{Date} & \text{Particulars} & \text{K} & \text{Date} & \text{Particulars} & \text{K} \\ \hline \text{2014 Nov 30} & \text{Bal c/d} & 15,000 & \text{2014 Nov 30} & \text{Rent Expense} & 15,000 \\ \hline & & \textbf{15,000} & & & \textbf{15,000} \\ & & & \text{2014 Dec 1} & \text{Bal b/d} & 15,000 \\ \hline \end{array}$$

16. Capital Account

\begin{array}{|l|l|r|l|l|r|} \hline Date & Particulars & K & Date & Particulars & K \\ \hline 2014 Nov 30 & Bal c/d & 1,990,000 & 2013 Dec 1 & Bal b/d & 1,990,000 \\ \hline & & 1,990,000 & & & 1,990,000 \\ & & & 2014 Dec 1 & Bal b/d & 1,990