Neco 2023 Financial Accounting Question 2

The following balances were extracted from the general ledger at 31 Dec 2023 (all amounts in \u20a6):\n\nCash 120,000 (Dr)\nAccounts Receivable 80,000 (Dr)\nInventory 150,000 (Dr)\nPrepaid Insurance 24,000 (Dr)\nEquipment 200,000 (Dr)\nAccumulated Depreciation - Equipment 30,000 (Cr)\nAccounts Payable 70,000 (Cr)\nSalaries Payable 15,000 (Cr)\nCapital 300,000 (Cr)\nDrawings 40,000 (Dr)\nSales Revenue 350,000 (Cr)\nCost of Goods Sold 210,000 (Dr)\nSalaries Expense 45,000 (Dr)\nInsurance Expense 6,000 (Dr)\n\nAdditional information:\n- Equipment is depreciated straight‑line over 5 years with no salvage; one year of depreciation has not yet been recorded.\n- One month of a 12‑month prepaid insurance policy has expired.\n- A customer owing \u20a620,000 was written off as bad debt on 31 Dec.\n\nPrepare the adjusted trial balance and state the net profit for the year.