Shobi is a sole trader. The following balances were extracted from the books on 30 September 2018. | Account | $ | | :---------------------------------- | -----: | | 10-year leasehold premises (at cost)| 120000 | | Motor vehicles (at cost) | 40000 | | Fixtures and fittings (at cost) | 19000 | | Provisions for depreciation at 1 October 2017: || | 10-year leasehold premises | 72000 | | Motor vehicles | 10000 | | Fixtures and fittings | 7600 | | Revenue | 265000 | | Purchases | 135000 | | Returns outwards | 8200 | | Carriage inwards | 3100 | | Wages and salaries | 41000 | | Motor vehicle expenses | 6800 | | Rent payable | 15000 | | Rent receivable | 8500 | | Capital | 40000 | | Drawings | 11900 | | 6% Bank loan (repayable 2020) | 50000 | | Bank interest paid | 3000 | | Inventory at 1 October 2017 | 26000 | | Heat, light and power | 5050 | | Advertising | 9000 | | General expenses | 17700 | | Disposal | 1800 Credit | | Bank | 13350 Debit | | Trade payables | 23050 | | Trade receivables | 23250 | | Provision for doubtful debts | 3000 | Additional information at 30 September 2018 1 Inventory was valued at $19500. 2 Shobi had taken $4700 goods for his own use. No entries had been recorded in the books. 3 The rent payable included a payment of $9000 for the six months ended 30 November 2018. 4 General expenses accrued were $2600 and wages and salaries accrued were $1700. 5 Rent receivable of $150 was outstanding. 6 On 26 September 2018 a motor vehicle costing $12000 was purchased by cheque. No entries had been recorded in the books. 7 Depreciation is to be charged on all non-current assets owned at the end of the year as follows: (i) an appropriate amount for the 10-year leasehold premises (ii) motor vehicles at the rate of 25% per annum using the diminishing (reducing) balance method (iii) fixtures and fittings at the rate of 10% per annum on cost. 8 Trade receivables of $750 are irrecoverable. The provision for doubtful debts is to be maintained at 4%.